TRAVERSE CITY — Two northern Michigan credit unions are planning a merger.
Members Credit Union of Traverse City and Bay Winds Federal Credit Union of Charlevoix said they plan to unite to create what they described as “one of the strongest member-owned financial institutions in Michigan.” The combined financial institution will have a new name. None of the two credit unions’ 160 employees will lose their jobs.
“We were looking at getting into the Traverse City market and Members was looking at getting into the Petoskey market,” said Doug S. Eaney, executive vice president of Bay Winds. “Rather than compete with each other, we decided why not have a marriage of equals and have a powerhouse credit union.”
The two institutions’ board of directors recently approved the partnership.