Expanding its Michigan footprint, the $1.9 billion Lake Michigan Credit Union of Grand Rapids is merging the troubled $62 million Citizens CU of Kalamazoo giving the CU an entry into the Kalamazoo market.
If approved by regulators and members, the planned merger would give Lake Michigan five branches in the Kalamazoo area. Lake Michigan currently has 28 offices in a 36-county area.
Roger Little, the state's deputy commissioner and head of the Credit Union Division, said the Citizens application to merge is a voluntary one but has been in the pipeline for months. The CU lost $1.9 million in 2009 and $149,000 in the first quarter.
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? Sign In
© 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.
