Tower Family Credit Union, Kalamazoo, Mich., is merging into BlueOx Credit Union, Battle Creek, Mich., effective April 1.
Tower Family CU is bringing $8.5 million in assets and 1,042 members to the $170 million- asset BlueOx CU.
This is the second merger this year for BlueOx, and the third merger for the credit union overall. The branch that Tower Family CU brings to BlueOx CU will expand the credit union’s network 20 miles west of its headquarters.
All employees at Tower Family CU will stay at the credit union, including senior management. As one of the oldest state-charted Michigan credit unions—founded in 1928—Tower Family CU will retain a level of independence from BlueOx CU so that its legacy can remain intact, Fran Godfrey, BlueOx’s president and CEO, told Credit Union Journal.
Godfrey, who has been in the credit union industry for around 44 years, believes that BlueOx CU will be able offer additional services to Tower Family CU members but wants to ensure that the credit union maintains its individuality.
“It’s important that they not forget where they came from,” Godfrey said.
Tower Family CU president and CEO Deborah Adams also believes that BlueOx will bring more services to her members.
“Tower Family Credit Union chose BlueOx as a merger partner for a number of reasons, including their strong financial position and commitment to members, employees and communities,” Adams said in a press release.