Traverse City Record-Eagle

Business

June 26, 2014

UPDATE: Credit unions pursue partnership

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.

 

 

1
Text Only

the BIZ

AP Video
Ariz. Inmate Dies 2 Hours After Execution Began Crash Kills Teen Pilot Seeking World Record LeBron James Sends Apology Treat to Neighbors Raw: Funeral for Man Who Died in NYPD Custody Migrants Back in Honduras After US Deports Israeli American Reservist Torn Over Return Raw: ISS Cargo Ship Launches in Kazakhstan Six Indicted in StubHub Hacking Scheme Former NTSB Official: FAA Ban 'prudent' EPA Gets Hip With Kardashian Tweet Bodies of MH17 Victims Arrive in the Netherlands Biden Decries Voting Restrictions in NAACP Talk Broncos Owner Steps Down Due to Alzheimer's US, UN Push Shuttle Diplomacy in Mideast Trump: DC Hotel Will Be Among World's Best Plane Crashes in Taiwan, Dozens Feared Dead Republicans Hold a Hearing on IRS Lost Emails Raw: Mourners Gather As MH17 Bodies Transported Robot Parking Valet Creates Stress-free Travel Raw: Fight Breaks Out in Ukraine Parliament
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide