Effective Aug. 1, Lakes Area Federal Credit Union in Grand Rapids, Minn. will merge with Cloquet, Minn.-based Members Cooperative CU, following approvals by the National Credit Union Administration and the Lakes Area FCU membership.
Both CUs have similar small-town roots, and the combined institution will serve more than 49,000 members with assets of more than $650 million, bringing enhanced products and services and an expanded branch network to the former Lakes Area members.
“Merging with MCCU allows us to continue to serve our members with the great service Lakes Area Federal Credit Union has been known for,” Matt Rajala, current presiding officer of LAFCU's board said in a statement. “We’re excited to carry on the credit union mission, while offering great new benefits to our members.”
Tammy Heikkinen, president and CEO of MCCU, welcomed the Lakes Area members to their new credit union, adding “We appreciate LAFCU’s legacy in the Grand Rapids area and look forward to continuing their commitment to member service, while providing even more value and opportunity to our members and employees.”
According to call report data, Lakes Area reported a loss of more than $342,000 during the first six months of 2017. Total losses for 2016 were more than $273,000. It earned just under $65,000 in 2015.
Members Cooperative CU has a net income of more than $2.6 million for the first two quarters of this year, following gains of just over $4 million in 2016.