Honor Merging Allegis in Michigan
The $316 million Honor Credit Union of St. Joseph, Mich., said Thursday it is merging the $85 million Allegis CU of Kalamazoo with expected completion by the end of the first quarter of 2012.
The merger was triggered by a decision by the Allegis board earlier this year to seek out a larger partner though both CUs are considered healthy and adequately capitalized, said Scott McFarland, Honor’s president/CEO.
Allegis “had hired Doeren Mayhew, which came up with a list of 20 potential credit unions and we were selected,” McFarland said in reference to the suburban Detroit accounting and consulting firm.
Allegis, located 45 miles from St. Joseph, represents a good fit for the 27,000-member Honor “and there are not overlaps,” McFarland said. The 10,000-member Allegis has offices in Kalamazoo, Coldwater and Paw Paw.
The merger is subject to a Dec. 8 member vote and regulatory approval.