Michigan Credit Unions Plan Three-Way Merger

The $38.3 million Chippewa County Credit Union (CCCU) and the $17.1 million Federal Employees of Chippewa County Credit Union (FECCCU), both based in Sault Sainte Marie, Mich., are planning to merge with the $145 million U.P. State Credit Union in Escanaba.

“U.P. State is a small credit union alternative that operates at a local level and not a corporate level,” CCCU and FECCCU said in prepared statement. “Most importantly, they share our values and absolute commitment to serving members.”

With U.P State’s branches that serve Michigan’s Upper Peninsula, CCCU and FECCCU also said in the prepared statement that it only makes sense to include the Sault Sainte Marie community.

The credit unions said they are continuing their due diligence process while also obtaining regulatory approvals from Michigan’s Department of Insurance and Financial Services and the NCUA.

“Once we receive regulatory approval, a merger packet and ballot will be mailed to members in good standing,” CCCU and FECCCU said.

If the proposed merger is approved by regulators and members of CCCU and FECCCU, the combined credit unions will be led by U.P. State President/CEO Raymond Theoret along with the senior leadership teams of CCCU and FECCCU. The consolidated organization would manage $200 million in assets and employ 57 employees who will operate seven branches and serve more than 15,000 members.

A similar three-way consolidation was announced in August 2022, but in that case, the credit unions were located in three states.

However, it appeared the proposed merger of the $50.2 million MUNA Federal Credit Union in Meridian, Miss., and the $96.2 million Pinnacle Credit Union in Atlanta into the $78.8 million RVA Financial Federal Credit Union in Richmond, Va., has not moved forward since it was announced last year. As of Monday, the planned consolidation has not been listed on the NCUA web page of “Comments on Proposed Mergers.”