Fremont, Mich.-based Newaygo County Service Employees Credit Union is merging with Sparta, Mich.-based Rogue River Community Credit Union.
“With increasing regulatory demands on credit unions, it is essential that the next generation of smaller and mid-sized CU’s unite so that we can continue to offer higher interest rates on savings, lower interest rates on loans and meet the technological demands of membership,” Dennis Greeno, Newaygo County Service Employees CU manager, said in a press release. “This merger is one step closer to that future.”
The $40.5 million Rogue River CU announced on Sept. 8 that the $25.2 million Newaygo County Service Employees CU would increase membership by 30% to more than 9,000 members.
Together, the credit union will be renamed Compass Credit Union and current president and CEO of Rogue River Community CU, Erika Garrison-Bauer, will lead the expanded financial institution.
With the intention of serving growing communities in Sparta and Fremont, the formerly Newaygo County Service Employees CU will broaden to become community chartered. Anyone who lives, works, worships or attends school in the 11 counties that border Kent and Newaygo could join the CU.
“We look forward to additional expansion and growing with new partners as this will allow us to reduce imposed fees on members and help us better serve new and existing communities,” Garrison-Bauer said in the release.