Possible Merger Could Create New Billion-Dollar CU
Wanigas Credit Union and Financial Plus Credit Union agree to pursue a potential merger.
On Wednesday, two Michigan-based credit unions announced an agreement to pursue a possible merger. If all goes as planned and the merger is approved, it would create the newest billion-dollar credit union in the country.
According to a statement, the boards of directors for the Saginaw, Mich.-based Wanigas Credit Union ($412.9 million, 24,843 members) and Flint, Mich.-based Financial Plus Credit Union ($753.8 million, 55,566 members) announced they have mutually agreed to move forward to pursue a possible merger. The announcement stated the merger would be “contingent upon a successful exploration and integration review, a favorable membership vote and regulatory approval.”
There was no timetable for all of the pieces to come together. If approved, the combined credit union would have more than $1.1 billion in assets, 11 branch locations and roughly 80,000 members.
“Our membership and surrounding communities will thrive as a result of this partnership. We are excited to provide increased member access, benefits and employee growth opportunities, all while remaining a strong and healthy credit union. It was most important for us to join forces with a local credit union like Financial Plus, which shares our same core values,” Michael Balls, board chairperson for Wanigas, said.
“We are excited about a partnership with Wanigas Credit Union. Through our combined resources and unified membership, we will be in a position to further enhance our digital service strategy and increase our product depth, delivering an even more seamless member experience. This opportunity aligns with our core values and vision to provide a wide variety of financial options to our members across the state for any reason, anytime, anywhere,” Barney Hennessy, board chairperson for Financial Plus, said.
In exploring this new strategic partnership, the announcement stated that Financial Plus President/CEO Brad Bergmooser would lead the new credit union with help from the senior management teams from both credit unions. Wanigas CEO Bernie Williams would become a member of the combined senior management teams.
The announcement went on to state that all employees from both credit unions would continue to be employed by the yet unnamed combined organization.