Southeast Michigan credit unions to join forces
Two credit unions in Southeast Michigan have announced merger plans.
The membership at Lakes Community Credit Union in Lake Orion, Mich. has approved a deal to merge into nearby Birmingham Bloomfield CU, effective Feb. 1. The latter institution absorbed Metro North FCU last August. Metro North currently brands itself as “A part of Birmingham Bloomfield Credit Union,” and signage on BBCU’s website indicates similar plans for Lakes Community.
The move is unusual but not unheard of. Some credit unions continue to operate as “a division of” the continuing credit union after mergers are completed.
Following the merger with Lakes Community, BBCU will serve more than 21,000 members holding roughly $220 million in assets. Birmingham Bloomfield will also pick up three branches that formerly served Lakes Community members in Lake Orion, Waterford and Shelby Township, Mich.
“We are excited for the direction the credit union is heading,” Andrew Staley, BBCU’s president and CEO, said in a press release from the two institutions. “This expansion is providing additional resources to not only serve members in six vibrant communities, but across the State of Michigan as well.”
Birmingham Bloomfield Credit Union posted just under $389,000 in net income during the first three quarters of 2019, its most recent data available, down from nearly $423,000 one year prior.
Lakes Community’s year-end call report for 2019 shows a net income of nearly $785,000, more than double the $302,000 it earned in 2018.
The merger announcement did not provide details on whether staff or board members from Lakes Community would have a role at BBCU following integration of the two institutions, though the agreement to operate a “part of” BBCU indicates staffing will likely remain largely unchanged.