United Federal Credit Union's deal to merge with Lake Michigan Credit Union fell through, but it has acquired an executive from its larger rival.

United Federal, of St. Joseph, Mich., announced Wednesday that it has hired Terry O'Rourke, Lake Michigan's chief financial officer, as its chief executive. He will start on March 7 and succeed Gary Easterling, who is retiring after serving as president and CEO since 2007.

O'Rourke has also worked for Bank of America and National City Bank.

United Federal has 130,000 members and assets of more than $2 billion. Lake Michigan CU, of Grand Rapids, has 330,000 members and assets of more than $4 billion. The two announced a merger agreement in October but called it off in January.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.