Members of tiny Detroit-area credit union approve merger into BlueOx
Members of Bi-County PTC Federal Credit Union in Warren, Mich., have approved a proposed merger into BlueOx Credit Union in Battle Creek, Mich.
The vote took place in late September, officials for the two credit unions said in a statement on Friday. If regulators grant final approvals, the merger will go through on Jan. 1, 2020. All accounts from the $8 million-asset Bi-County PTC are expected to be converted to BlueOx accounts in May.
Membership in the $183 million-asset BlueOx Credit Union is open to individuals in 17 counties in Lower Michigan. Membership in Bi-County PTC Federal Credit Union, which is located in a suburb of Detroit, is open to individuals who work for three companies or attend services at one of five churches.
Jennifer Nelson, manager and CEO of Bi-County PTC FCU, said it chose BlueOx CU as a merger partner because of its “strong financial position and commitment to members, employees and communities.”
“Smaller credit unions are increasingly challenged by regulation and other operational factors,” Fran Godfrey, BlueOx Credit Union’s president and CEO, said in the statement. “This merger recognizes we are better together when we align two strong, local organizations to provide tremendous value and strength to everyone.”
Bi-County PTC FCU earned $16,769 for the first six months of this year, compared with losing $16,283 in the first half of 2018, according to call report data. As of June 30, it was considered well capitalized with a net worth ratio of 7.88%.
BlueOx Credit Union lost $95,052 in the first half of 2019, after earning $822,452 in the first six months of last year, according to call report data. As of June 30, it was well capitalized with a net worth ratio of 9.25%.