During a merger, credit unions are known to paint positive pictures in their public announcements. But behind the scenes, executives face difficult discussions and gut-wrenching decisions, and often make trade-offs in order to complete successful consolidations.
Last year, David Leusink was president/CEO of the $179 million Bay Winds Federal Credit Union in Charlevoix, Mich. and Andy Kempf was president/CEO of the $225 million Members Credit Union in Traverse City, Mich. Both CEOs were highly successful and neither had plans to retire when they met for the first time.
Leusink and Kempf discussed whether they could share an office building to help both organizations save money, and they were looking at opening branches in each other's markets. Those conversations eventually led to merger negotiations after learning their cultures and principles were essentially identical.
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