Portland, Mich.-based PFCU this week finalized its merger with Durand, Mich.-based SageLink Credit Union. The two institutions operate under the name PFCU, with SageLink retaining its former name and identifying itself as “a division of PFCU.”
“I am so excited to see this merger come to fruition, this will create wonderful opportunities for our dedicated staff and most importantly, give our membership more access to innovative banking technologies and exceptional hometown service, our members have come to expect,” PFCU President and CEO Harvey Hoskins said in a statement.
The merger was approved by both the National Credit Union Administration and Michigan’s Department of Insurance and Financial Services. The combined institution has assets of more than $533 million and 13 branch locations across six counties.
Through the first quarter of 2018, SageLink reported about $535,000 in net income, compared to about $677,000 at PFCU. In 2017, the two credit unions earned net incomes of $1.37 million and $2.6 million, respectively.
PFCU is now the state’s 27th largest credit union, with 48,000 members.
Growth continues to be strong at credit unions across the Great Lakes State, with a variety of loan categories on the rise and more than half the state’s population belonging to a credit union.