Members in Michigan & Hawaii Approve Credit Union Mergers

The $191 million Astera Credit Union in Lansing, Mich. will be merging into the $436 million Adventure Credit in Grand Rapids, Mich. on Jan. 1.

Astera CU members voted in favor of the proposed consolidation last week during a special membership meeting, the credit unions said in a joint announcement.

“This merger strengthens our ability to live out the mission and cooperative spirit that has always defined credit unions,” Adventure Credit Union’s President/CEO Amanda Garabedian said in a prepared statement. “Together we will continue to innovate while staying true to our roots as member-owned credit union.”

Post-merger, Astera would continue operating under its brand name as a division of Adventure CU.

Chartered in 1968, Astera’s 67 employees operate five locations and serve more than 14,750 members.

Garabedian will continue to serve at the CEO of the combined organization and Astera President/CEO Martin Carter will retire, according to the joint statement.

Adventure’s 114 employees run seven locations and serve more than 30,000 members.

According to merger-related financial arrangements Astera filed with the NCUA, four senior executives will receive a maximum possible severance payment in the event their employment with Adventure CU is terminated without cause.

Chief Financial Officer Debra Miles and Senior Vice President Chris Tyler would each receive $125,000, while Senior Vice President of Lending Laura Blanding and Vice President of IT James Paisley would each receive $75,000.

Members of the $62.3 Million HMSA EFCU in Honolulu, Hawaii, voted in favor of its consolidation last month with the $2.4 billion Hawaii State Federal Credit Union, also based in Honolulu.

“HMSA EFCU has a proud history, and together, we’ll ensure their members continue to receive personalized care while gaining access to enhanced products and services,” Hawaii State FCU President/CEO Andrew Rosen said in a prepared statement. “We’re excited to welcome HMSA EFCU members into our family.”

For now, HMSA EFCU will continue to serve its members online and at their Ke’eaumoku branch, which will remain open specifically for their members. By late 2025, following the completion of system conversions, HMSA EFCU members will have access to a wider range of financial services, enhanced digital banking tools, an expanded network of branches and ITMs, and additional loan and credit options, according to the credit unions’ joint statement.

The HMSA EFCU Ke’eaumoku branch will then transition to a Hawaii State FCU branch,

Chartered in 1961, HMSA EFCU’s two employees serve 2,887 members.

Hawaii State’s 378 employees operate 15 locations and serve more than 132,000 members.