TROY, Mich. – Michigan Catholic FCU said Friday it has agreed to merge with Dearborn’s First Catholic CU, creating a $410 million faith-based credit union with serving 40,000 members at nine branches to be known as Alliance Catholic CU.
The combination has been approved by members and NCUA and state regulators. Both credit unions were chartered in a single parish over a half-century ago to provide their members a safe place to save and borrow at reasonable rates. Since those parish days, both credit unions have grown, organically and through mergers to become full-service financial institutions.
“Becoming a larger progressive credit union offers the opportunity to provide both new and enhanced services to current and future members of the Catholic community,” said Rob Grech, president of $270 million Michigan Catholic CU.
"We know that this merger positions the combined organization to serve the Catholic community throughout Southeast Michigan and the Detroit Metropolitan area,” said Angela Millis, president of $140 million First Catholic. “It provides an opportunity for expansion offering a positive move for members of both credit unions.”