A $1.6 billion Grand Rapids, Mich. credit union could soon be buying an ailing bank following enactment of new enabling regulations pushed by the Michigan Office of Financial and Insurance Regulation.

"We were approached by a bank last year and so we asked our regulator to seek language in state law patterned after those affecting federal credit unions," explained Julie Blitchok, senior vice president of operations and marketing for Lake Michigan CU.

She declined to identify the bank, its location or status of the negotiations but said the bank's management apparently "saw us as a good option to affiliate with a strong, healthy institution."

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

  • 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.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.