X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LANSING, Mich. – The state Office of Finance and Insurance Services has approved the merger of three Grand Rapids credit unions into Grand Rapids Teachers CU, which has been managing the three CUs under a contractual arrangement for several years. Involved in the merger are Alliance CU, $38 million in assets, nearly 11,000 members; Saint Mary’s Hospital CU, $22 million in assets, 5,000 members; and Health Care CU, $67.7 million in assets and 17,000 members. Grand Rapids Teachers, the surviving credit union, has $291 million in assets and serves nearly 49,000 members. Roger Little, director, credit union division of the Office of Finance and Insurance Services said the field-of-membership of the surviving credit union will include the FOMs of the four merged CUs. The Michigan Credit Union Act allows for the combination of FOMs when mergers occur. Little said the merger of the four CUs was the first of its kind in the state that he could remember. “The trend has been for consolidation in the industry, but I think the merger of multiple credit unions such as these are an isolated case,” he said.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.