FERNDALE, Mich. — Credit Union ONE here is set to absorb $93 million Good Shepherd CU, CU ONE announced today.
Located about 30 minutes away in Lincoln Park, Mich., GSCU's membership is set to vote on the merger on March 25; if approved, the merger would take effect at the end of June. Both credit unions are based in the broader Detroit suburbs.
Originally chartered in 1957, Good Shepherd CU has 8,300 members and two branches, serving a membership that lives, works and worships in Wayne and Monroe counties. It posted a net income in 2014 of $22,000 and, as of its December 2014 Call Report, has $23.4 million in loans on the books, spread across new and used auto lending, mortgages and lines of credit.
A statement from CU ONE said that despite 58 years of success, GSCU's board of directors determined that now was the best time to seek a merger partner, and CU ONE was selected as the best solution for members and employees. CU ONE's strong financial position and high-quality, full-service member experience were key factors in the decision.
"Our board recognized that we have a shared commitment and mission of providing great service and member financial success," said Lisa Cook, CEO at Good Shepherd. "Credit Union ONE has demonstrated not only its financial strength but also its values make it the right merger partner for our organization. Merging with Credit Union ONE will allow Good Shepherd Credit Union to provide more products and services to its members, while offering greater job opportunities for its employees. We know this is a good decision not just in the present, but looking into the future as well."
GSCU staff at all levels, including senior management, are set to stay on post-merger, but specific roles have not yet been determined.
Gary Moody, president and CEO at CU ONE, said in a statement that the two combined organizations will be stronger together and "more capable of fulfilling our shared vision of financial strength, a sustainable business model and the best service in the industry."