The $704 million, 71,831-member First Community Federal Credit Union in Parchment, Mich., andthe $278 million, 35,370-member E & A Credit Union in Port Huron, Mich., said Tuesday theirboards have agreed to merge to form a new credit union that willoperate under a new name.
Pending member and regulatory approvals, the proposedmerger—expected to be completed sometime later this year—willcreate a credit union ranked in the top 3% in the nation, based onsize, with more than 100,000 members and assets of nearly $1billion, the credit unions said.
The new entity will have more than 375 employees and operate 21branches in Michigan, Illinois and Wisconsin.
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