The $370 million Kellogg Community FCU in Battle Creek, Mich.said Tuesday its planned merger of the ailing $5 million St. JosephValley Community FCU in Three Rivers, Mich., has won memberapproval and should be completed by the end of the year.
|The 1,500-member Three Rivers credit union lost $82,000 in 2010and $140,000 in the first half of 2011 and has a net worth ratio of3.4%
|Robert Dutka, St. Joseph Valley's chairman, said his one-brandCU knew “it wanted to merge, taking the credit union to its nextlevel,” and chose the 29,000-member Kellogg Community after lookingat “a couple of financial institutions.”
|A spokeswoman for St. Joseph Valley said its formerpresident/CEO, Kristen Taft, “is no longer at the credit union” andthat all comments on the merger would come from Kelloggmanagement.
|In a statement, Tracy Miller, president/CEO of Kellogg Community, said her credit union “is very excited aboutthis partnership” which she said will bring added services tocurrent St. Joseph Valley members.
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