Mich. Members Approve Merger to Create New Billion-Dollar CU

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.