Pair of Northern Michigan Credit Unions eye possible merger
The Board of Directors of Members Credit Union of Traverse City and Bay Winds Federal Credit Union of Charlevoix announced their intent to partner, creating a single member owned financial institution.
The proposed partnership would offer members 13 branch locations from Manistee to Petoskey. The combined deposits of the two unions exceeds 400 million dollars with 75,000 total members. Both Boards recently approved a merger agreement which allows the proposal to proceed towards a necessary vote of the Bay Winds membership this fall. The proposal would also require consent from the Michigan Office of Financial and Insurance Regulation and National Credit Union Administration.
If all of those steps are completed, the partnership could be operating in late 2014 under a new name.
Andrew Kempf, CEO/President of Members says "This partnership is expected to result in cost savings, but no staff layoffs or reductions are planned."