Deal between United FCU and Lake Michigan CU will create the state’s largest credit union.
Virtual data rooms can help credit unions keep member data safe during the merger process.
Nearly all member credit unions voted in favor of the ninth league consolidation since 2007.
Leadership appointments and vendor contracts pose challenges during the consolidation process.
The institutions now await final approval of the deal from the NCUA and FDIC.
Members slated to vote on the merger in 2016 pending regulator approval.
Approved mergers rise by 30 from Q1 to Q2; California sees the highest number of mergers.
The NCUA approves 71 mergers in Q2 2015, up from 41 in Q1.
Merger turns Altura CU into California’s 37th billion dollar-plus credit union.
Jolina Monique Sanchez is accused of embezzling $240,000 from a merged California credit union.