Michigan Credit Unions Chartered in the Same Year Plan to Merge in 2024
Consolidating TRUE Community CU and Parkside CU would create a new financial cooperative with nearly $900 million in assets.
Michigan credit unions, chartered in the same year, are planning to create a financial cooperative with assets of nearly $900 million, 260 employees and a membership of more than 80,000, if approved by members and regulators.
The $721 million TRUE Community Credit Union in Jackson and the $175 million Parkside Credit Union in Westland announced plans last week to merge in January 2024.
“We are so excited to join forces with Parkside Credit Union as we embark on this transformative journey,” TRUE Community President/CEO Chrissy Siders said in a prepared statement. “Together, we embrace a shared vision, combining our strengths and resources to create an unparalleled financial experience that will stand as a testament to our unwavering commitment to our members, our communities and our teams.”
The combined credit union, if approved by members and regulators, would retain the name and brand of TRUE Community, which operates 12 branches in Jackson, Ingham and Washtenaw counties. Parkside has three branches in Wayne County.
“Our partnership with TRUE Community Credit Union will build a brighter future for both our members and our employees,” Parkside President/CEO Janet Thompson said in a prepared statement. “The alignment of our strategies and cultures as well as a shared vision makes this an ideal collaboration, and we are excited to write the next chapter in our combined credit union’s legacy together.”
Both credit unions were chartered in 1953.
As of Friday morning, the planned consolidation has not been posted on the NCUA’s comments page on proposed credit union mergers.