Michigan's CP Financial takes more steps to bolster growth
Washtenaw Federal Credit Union, a $50 million-asset institution in Ypsilanti, Mich., has entered into an agreement to merge into $552 million-asset CP Financial Credit Union of Jackson, Mich.
“As we look to meet the long‐term needs of our members, we believe this partnership will allow us to enhance our existing products and services as well as provide new products and services all while maintaining the same personalized member service we have always provided,” the two credit unions said in an online notice.
CP Financial converted to a state charter earlier this year in a bid to give it a statewide field of membership, and changed its name from CP Federal to CP Financial. The merger has already been approved by federal regulators and management anticipates the combined organization will be up and running on Jan. 1. Management is considering a rebrand to be announced at a later date.
The deal will broaden CP’s reach in the state and provide Washtenaw FCU members with access to additional savings and loan products. No employees are expected to be let go as a result of the merger. Washtenaw FCU President and CEO Jason Matley will take the title of EVP, strategy and transformation while CP Financial President and CEO Chrissy Siders will run the combined institution.
Washtenaw FCU earned a little less than $95,000 during the first half of 2020, a decline of almost 8% from its earnings during the same period last year, according to call report data from the National Credit Union Administration.