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A Southeast Michigan credit union with a new statewide field of membership is expanding east by acquiring a small credit union in Ypsilanti.
CP Financial Credit Union of Jackson, Mich. ($551.8 million in assets, 57,338 members) will acquire Washtenaw Federal Credit Union ($43.1 million in assets, 6,167 members). Both have experienced declines in net income this year, but both retain healthy net worth ratios.
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Chrissy Siders, CP's President/CEO, said Monday the merger will be completed Jan. 1, retaining all of Washtenaw's 16 employees and its two branches in Ypsilanti, about 45 miles east of Jackson and about 10 miles southeast of Ann Arbor.
The nearest CP branch is in Saline, 10 miles southwest of Ypsilanti. CP has nine other branches in Jackson and surrounding cities.
CP recently changed its name from CP Federal Credit Union after switching to a state charter with a statewide field of membership. The credit union will change its name again Jan. 1 to TRUE Community Credit Union.
"True Community fully encompasses what we strive to be," Siders said. "By definition, True Community Credit Union is exactly who CP Community Credit Union and Washtenaw Federal Credit Union are together. We will make a true commitment. We will be true to our members, true to our communities and true to our team."
Jason Matley, president/CEO of Washtenaw, said 457 of 5,698 eligible members voted on the merger Nov. 10. It was approved with 385 members voting in favor.
"We know this merger is the perfect blend of two credit unions with strong values, financial strength and mutually aligned cultures that will allow us to bring more to the members and communities in which we serve," Matley said.
Washtenaw's 2019 net income was $241,525 with ROA of 0.57%, up 2 basis points from 2018. In the first nine months of 2020, it earned $89,927 with ROA of 0.26%, down from 0.50% in the first nine months of 2019. Washtenaw had a "well capitalized" net worth ratio of 7.53% as of Sept. 30.
CP's 2019 net income was $5.1 million with ROA of 1.10%, up 3 bps. In the first nine months of 2020, CP earned $2.4 million with ROA of 0.63%, down from 1.41% in the first nine months of 2019. CP's net worth ratio was 11.42% as of Sept. 30.
The NCUA has approved 93 mergers from January through September, down from 111 a year earlier.
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Jim DuPlessis
Jim covers economic data trends emerging for credit unions, as well as branch news and dividends.
