Lakes Community CU Merges With Birmingham Bloomfield CU
The newly-combined credit union will have over $200 million in assets and more than 20,000 members.
The Lake Orion, Mich.-based Lakes Community Credit Union is merging with the Birmingham, Mich.-based Birmingham Bloomfield Credit Union on Feb. 1.
The combined entity will have over $200 million in assets and more than 20,000 members. A membership vote on Jan. 11 made the deal official.
“We are excited for the direction the credit union is heading. This expansion is providing additional resources to not only serve members in six vibrant communities, but across the State of Michigan as well,” Birmingham Bloomfield President/CEO Andrew Staley said in a statement.
“We are pleased to have found a partner such as Birmingham Bloomfield Credit Union whose shared core values and culture will continue to meet members’ financial needs now and in the future,” Lakes Community President/CEO Carolyn Chevrier added.
Lakes Community has $97 million in assets and about 9,700 members. Birmingham Bloomfield has $117 million in assets and about 11,600 members.
“Each credit inion wanted to find a partner that shared a dedication and loyalty to its membership, was similar in employee culture and was financially strong,” Lakes Community Credit Union noted in a previous statement announcing the plans to merge. “LCCU and BBCU found they were united in their dedication to their members, employees and communities, and share a common vision for the future of the combined credit union. This partnership will give the new credit union the resources to thrive in an environment of regulatory compliance, a highly competitive financial service marketplace and the evolving needs of our membership.”
The deal is Birmingham Bloomfield’s second in less than 12 months. In August 2019, it also merged with Metro North Federal Credit Union.
Other Michigan-based credit unions have made headlines in the last several months. Last September, for example, Superbia Credit Union received a new state charter — one of the first approved in more than three decades by Michigan’s Department of Insurance and Financial Services.
Two Michigan credit unions also rebranded. Earlier this month, the Grand Blanc, Mich.-based Dort Federal Credit Union became Dort Financial Credit Union after switching to a state charter, and in November, the Saginaw, Mich.-based Saginaw Medical Federal Credit Union became Health Advantage Credit Union. Dort Financial has $978 million in assets and about 95,000 members; Health Advantage has $138 million in assets and about 12,000 members.