Michigan Credit Unions Set to Finalize Merger on Jan. 1
The combined Parkside CU and TRUE Community CU will manage $883 million in assets and serve nearly 80,000 members.
Two Michigan credit unions will be finalizing their merger on Jan. 1.
Members of the $169 million Parkside Credit Union in Westland, Mich., two weeks ago voted to approve its consolidation with the $713 million TRUE Community Credit Union in Jackson, Mich.
The combined organization will manage assets of $883 million and more than $677 in loans, with 254 employees who will run 15 branches and serve nearly 80,000 members.
The combined credit unions will retain the name and brand of TRUE Community Credit Union with its mission to cultivate legacy defining moments for the people and places they serve for generations to come by empowering members to achieve their financial goals, the credit union said in a prepared statement.
TRUE Community operates 12 branches in Jackson, Ingham and Washtenaw counties, and Parkside runs three branches in Wayne County.
“This successful vote is a testament to the unity and strength of our credit union family,” Parkside President/CEO Janet Thompson said. “Together, we look forward to a bright financial future of combined resources and expertise to offer a broader range of financial solutions to members.”
As a result of the merger, Thompson will receive a compensation increase of $53,749, according to Parkside merger documents filed with the NCUA. The credit union said this increase is in proportion to the size of the continuing credit union.
Last year, Thompson’s compensation totaled $289,948, which included her base salary of $259,551, $3,606 in other reportable compensation, $21,396 in retirement and other deferred compensation and $5,395 in other nontaxable benefits, according to the credit union’s Form 990 filing with the IRS for the 2022 tax year.
Parkside Chief Strategy Officer Heather Colonius will receive a compensation increase of $31,880, the credit union’s merger documents showed. The credit union said this increase is in proportion to the size of the continuing credit union.
According to the credit union’s Form 990 filing, Colonius’ reportable compensation was $98,475 and an estimated amount of other compensation was $30,536 in 2022.
Although TRUE Community offered positions for all Parkside employees, merger documents did not say what positions Thompson and Colonius are expected to fill.