TRAVERSE CITY, Mich. — Members Credit Union here and Bay Winds FCU plan to merge.
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Both boards have approved the consolidation that is expected to be completed later this year.
Members of the $176 million Bay Winds, Charlevoix, Mich., need to approve the deal, as well as the Michigan Office of Financial and Insurance Regulation and NCUA.
The merged institution, which will operate under a new name, will offer members 13 branch locations.
"This partnership is expected to result in cost savings, but no staff layoffs or reductions are planned," said Andrew Kempf, CEO of the $225 million Members CU in a published report.
