TRAVERSE CITY — Two northern Michigan credit unions plan to merge.
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.”
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. Seaney, 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 entity will have a new name with a combined 13 branch locations from Manistee to Petoskey, deposits of more than $400 million and more than 75,000 total members. The two institutions’ board of directors recently approved the partnership. The credit unions still have to receive approval from state regulators and the National Credit Union Administration. Bay Winds’ customers also have to sign off on the deal.
“We will be able to find operational efficiencies with no layoffs,” said Andy Kempf, chief executive officer of Members. “This will be worthwhile for our members, the credit unions and the community.”
Bay Winds’ Chief Executive Officer David Leusink will lead the new organization as its chief executive officer. Kempf will serve as president.