Map of Michigan. Credit/Shutterstock
Two Michigan credit unions formed in the same year to serve local power company employees and their families announced plans to merge on Thursday.
The Boards of Directors and leadership teams for the Grand Blanc, Mich.-based ELGA Credit Union ($1.5 billion in assets, 98,406 members) and the Bay City, Mich.-based COPOCO Community Credit Union ($104 million in assets, 8,686 members) said they agreed on the merger plans and will join the two organizations pending regulatory and membership approval.
ELGA Credit Union and COPOCO Community Credit Union were both founded in 1951 roughly 55 miles apart to serve local Consumers Power Company employees. Since then, according to officials, the credit unions have done a tremendous job growing and serving their communities, and this proposed merger will position the newly-formed credit union to provide personalized financial services across Michigan.
If approved, the new organization will be led by Terry Katzur, president/CEO of ELGA.
Katzur said, “Our shared heritage and commitments to our associates, members and communities make this combination a natural fit.”
COPOCO Board Chair Meri Sue Engers added, “We are excited to share this news with our valued members. This merger will allow our members access to expanded products and services and pay tribute to our heritage in the community. Together we envision a strong future.”
Officials said they hope to have the merger approved and finalized by July 2025, pending the approval of the NCUA, the Michigan Department of Insurance and Financial Services, and COPOCO’s membership.
After completion, the combined credit union will serve more than 107,000 members with 16 branch locations in Michigan employing more than 300 individuals and managing $1.7 billion in assets.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
