FLINT, Mich. — The merger trend among Michigan credit unions hasn't let up, with at least one more medium-sized consolidation in the pipeline.
The latest to seek a merger are Tri-Pointe Community CU in Grand Blanc combining with Michigan Federal CU of Flint creating a $160 million institution headquartered in Grand Blanc.
That announcement follows a much larger merger of First Resource CU in St. Joseph and United FCU in Buchanan at $700 million forming the state's eight largest CU and largest west of Lansing.
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The Michigan Office of Financial and Insurance Services in Lansing insisted the six Michigan mergers this year and three pending consolidations including Tri-Pointe/Michigan Federal are on track with last year when there were 13 mergers.
Regarding Tri-Pointe, a CU press release said the consolidation "is considered a voluntary merger of equals which is not commonplace in the credit union industry." The statement added that both CUs "are financially strong."
Under the transaction, Mack McConnell will remain as president/CEO of Tri-Pointe with the president/CEO of Michigan FCU, Joseph Shoenfelt, retiring in September after more than 35 years of service. The merger is slated to be complete by October.
Michigan FCU was originally chartered in 1962, serving workers, their families and neighbors of the Coldwater Road "Ternsted" plant. The CU has assets of $60 million, three locations in Flint, Clio and Vassar, with 13,000 members.
The $96 million Tri-Pointe was chartered in 1958 with two locations in Grand Blanc and Fenton, for a total of 19,000 members.
Two other smaller CU mergers in central Michigan were announced earlier in July involving Flint and Owosso institutions.
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