Map of Michigan. (Source: Shutterstock)
Out in West Michigan, in the City of Grand Rapids, two smaller credit unions announced on Monday that they have received regulatory approval to merge in the months to come.
In a statement, Western Districts Members Credit Union ($48.3 million in assets, 2,860 members) and West Michigan Credit Union ($217.1 million in assets, 16,339 members) said they intend to merge "pending a positive WDMCU membership vote." A spokesperson for the credit union said the vote had not yet been scheduled, but could happen before the end of the year.
According to Monday's announcement, WMCU would gain WDMCU's members and the combined credit union would have an asset size of more than $265 million, if members approve the merger. The newly-merged credit union would also have an expanded field of membership across western portions of Michigan.
"The strategic partnership will allow for an emphasis on exceeding member expectations and introducing new digital solutions, not previously offered," the statement said.
Of note, the merger would not result in any employees being terminated or laid off, according to the credit unions. "In fact, the merger will promote greater employee career growth opportunities, training resources and competitive employee benefits," the statement said.
The statement continued, "The integration of WDMCU into WMCU allows for a blend of experience, talent and resources, resulting in the resounding mission of working together as the most trusted resource to help our members' financial lives be simply better."
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
