Community Choice Credit Union, an $853 million institution based in Farmington Hills, Mich., said that the $165 million Michigan Community Credit Union of Jackson, Mich., will merge into CCCU, following approval by the boards of both credit unions and by MCCU members.
The merger also received regulatory approvals from the National Credit Union Association and the Michigan Department of Insurance and Financial Services.
The combined entity will operate under the name and charter of “Community Choice Credit Union.”
The parties noted that MCCU had been seeking a merger partner in order to “remain competitive and to ensure its members received the best products and services available.”
“We are honored to be chosen as [MCCU’s] merger partner, a move that allows us to expand products and services to its members, and provide greater access across the state of Michigan,” said Robert Bava, CEO of CCCU in a statement. “[MCCU] is a progressive financial institution with a long history of encouraging member success through education and innovation. Our two credit unions align perfectly.”
Prior to the merger, CCCU had almost 81,000 members, while MCCU had about 18,600.
According to its call report, MCCU posted net income of just over $1 million last year, after posting a similar figure in calendar 2015.
Meanwhile, CCCU recorded net income of about $2 million in 2016, down from about $2.6 million the prior year.
The combined credit union will serve anyone who lives or works in the state of Michigan, with 20 locations.
