Map of Michigan. (Source: Shutterstock)
Nearly one year after announcing plans to merge, members of the Saginaw, Mich.-based Wanigas Credit Union "overwhelmingly approved" a merger agreement with the Flint, Mich.-based Financial Plus Credit Union, creating the nation's newest billion-dollar credit union.
In a statement from the $850 million Financial Plus on Wednesday, members of the $418 million Wanigas approved the merger during a special meeting on Tuesday. The combined credit union will have assets of $1.2 billion and 11 branches to serve nearly 80,000 members across the Flint and Great Lakes Bay Region of Michigan.
"The partnership between Financial Plus and Wanigas will create a more expansive credit union that will enhance the financial well-being of many people with increased accessibility, technology and products," Brad Bergmooser, president/CEO of Financial Plus, said. "This merger is a continuation of our focus to provide the people of Michigan with better financial tools and a partner that will help them reach their life's goals."
The credit unions jointly announced merger plans in July 2021.
"Like Financial Plus, Wanigas is dedicated to providing financial solutions that provide members with real help. This unification will provide our members with additional products and services that can make a positive impact on their life," Bernie Williams, CEO of Wanigas, said.
According to Wednesday's statement, Wanigas will continue to operate under the same name and Bergmooser will become president/CEO of the merged credit union. All employees will be retained, according to information on a special merger page created by Financial Plus.
Officials said they expect the merger to be completed by Aug. 1, 2022.
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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.
