First Catholic Federal Credit Union and Michigan Catholic Credit Union recently gained regulatory approval to merge. The merged credit unions will assume the new name of Alliance Catholic Credit Union.
“We are very grateful that our membership supported this proposal,” said Angela Millis, CEO of FCFCU. “We know that this merger positions the combined organization to serve the Catholic community throughout Southeast Michigan and the Detroit Metropolitan area. It provides an opportunity for expansion offering a positive move for members of both credit unions.”
First Catholic Federal Credit Union and Michigan Catholic Credit Union were each founded in a single parish over a half-century ago to provide their members a safe place to save and borrow at reasonable rates. Since those parish days, both credit unions have grown, organically and through mergers to become full-service financial institutions. First Catholic Federal Credit Union increased to over $140 million in total assets and three retail locations serving 14,000 members, while Michigan Catholic Credit Union has surpassed the $250 million mark in total assets with six branches serving 32,000 members.
The new credit union, Alliance Catholic Credit Union, will maintain the current branch network with integration of member accounts and services offered by each credit union. The integration process will continue into 2013. The executives, management and staff of each credit union will stay onboard.