Consolidations

The Michigan-based institution is one of a handful of credit unions that have bought or announced deals to acquire banks over the last two years.

Embers Credit Union and Upper Michigan Community CU will open their doors as a merged institution on June 3, nearly a year after members voted to approve the deal.

A planned merger between Van Cortlandt Cooperative FCU and USAlliance FCU was called off despite approval from regulators.

Members at Starcor Credit Union have approved the merger into St. Cloud Financial.

The biggest deal in more than a decade has sparked debate about the pressure for more bank consolidation and whether consumers will be hurt.

There have been six of these transactions announced this year and more are likely as credit unions look for loan and deposit growth.

The two leagues expect to spend the rest of this year integrating the merger, which will become effective no later than Jan. 1.

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After the merger is completed, Cedars-Sinai Federal Credit Union's one branch will be relocated.

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