Deteriorating financial condition, diminishing market and member growth and losing sponsor support force many credit unions to merge.
But there are some credit unions that don't merge out of necessity. Instead, equally strong credit unions such as the $51 million Preferred Federal Credit Union in Greenville, Mich. and that $88 million Grand Valley Co-op Credit Union in Grand Rapids, Mich., have decided to merge for a different reason.
Both credit unions are not merging because of capital issues or lack of growth, explained Robert Shane, executive vice president and chief operating officer for Grand Valley Co-op.
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