Grand Rapids Family Credit Union serves more than 5,000 members and has about $40 million in assets. Photo via fb.com
A $40-million credit union is merging with a larger credit union on the east side of the state.
Grand Rapids Family Credit Union is pursuing a merger with the statewide Michigan First Credit Union in Lathrup Village, a suburb of Detroit, which will create a credit union with $740 million in assets.
The merger is based on a decision by Grand Rapids Family Credit Union’s board and a member vote last month.
The merger should be completed on Jan. 1.
The merger with Michigan First Credit Union, the first credit union in Michigan with a statewide charter including the Upper Peninsula, will encompass more than 100,000 individuals throughout Michigan.
As the two credit unions merge, the organizations will operate under the Michigan First name and expand the products and services offered to members.
“Michigan First stood out to us as the right partner, because of its commitment to members and the community, including its industry-leading technology and innovative financial education programs, such as Young & Free Michigan,” said Donna VanderVries, board chair, Grand Rapids Family Credit Union. “We know our members will be welcomed into the Michigan First family, and the credit union will continue our deep involvement with the Grand Rapids community.”
Grand Rapids Family Credit Union
Grand Rapids Family Credit Union serves more than 5,000 members in Kent, Ottawa and Muskegon counties and has roughly $40 million in assets.
Initially founded in 1935 as the Grand Rapids Municipal Employees Credit Union, the organization’s charter now encompasses employees of the city of Grand Rapids, employer groups, retirees, associations within 25 miles of the union and residents in the three counties it serves.
Michigan First Credit Union
Originally established in 1926 as the Detroit Teacher’s Credit Union, the Michigan First Credit Union has a charter enabling the organization to serve anyone who lives, works or worships in the state.
The credit union serves more than 95,000 members with $700 million in assets and donates more than $150,000 to local nonprofits and scholarships each year, according to its website.