AUBURN HILLS Mich. — Genisys CU and Tri-Pointe Community CU announced Wednesday they intend to merge and then operate under the Genisys name.
The combined institution will have more than $1.8 billion in assets.
In a statement, the two credit unions said the dealhas the unanimous support of both boards of directors, but must be voted upon by Tri-Pointe members next year.
Tri-Pointe, a $200 million-asset CU currently based in Grand Blanc, Mich., serves nearly 25,000 members through five branches.
"The timing is right for this merger," said Mack McConnell, president and CEO of Tri-Pointe. McConnell will remain with the CU through the transition and then retire, according to the statement.
"Tri-Pointe has been successful and will be even more so as a result of the merger," he added. "We selected Genisys as a merger partner because of its strong financial condition and commitment to meeting the ever-changing needs of members."
Jackie Buchanan, president and CEO of $1.6 billion-asset Genisys CU said: "We are excited to have the opportunity to consolidate such a strong, member-focused credit union into Genisys. We look forward to expanding the benefits available to our new members from Tri-Pointe and enhancing our relationships with them and the communities we will be serving."
