The members of Lansing Postal Community Credit Union have voted to approve a merger with LAFCU, also based in Lansing, Mich.
The merger, which took effect July 1, brings LAFCU’s total membership to more than 63,000, with assets of more than $670 million. LAFCU now holds 10 branches across four Michigan counties, while members have access to 25 LAFCU-branded ATMs, along with 50,000 CO-OP shared branches and 30,000 surcharge-free ATMs.
LAFCU earlier this year received approval from Michigan's Department of Insurance and Financial Services to expand its field of membership to be able to serve anyone in the Great Lakes State.
“The LPCCU board of directors and I are gratified that members recognize the benefits of joining forces with LAFCU,” Jason Smith, former LPCCU CEO and general manager, said in a statement. “LAFCU delivers its expansive offering of financial services with the same high-quality care LPCCU members have come to expect.”
Smith will go on to become VP of product and strategy at LAFCU.
“We are honored that LPCCU members have confidence LAFCU can meet their financial needs,” LAFCU CEO Patrick Spyke said in a statement. “This strategic merger brings together two strong, financially sound credit unions that, together, are stronger and well positioned for the future.”
Member deposits remain protected by the National Credit Union Share Insurance Fund, administered by National Credit Union Administration.
Founded in 1928, LPCCU was the first credit union within the Lansing area, with its main membership was derived from U.S. Postal Service employees. LAFCU was chartered in 1936 and serves those who live, work, worship or attend schools within Michigan.