Two Mid-Michigan credit unions are exploring plans for a strategic partnership.
The Boards of Directors of Wanigas Credit Union of Saginaw and Financial Plus Credit Union of Flint have announced that they have mutually agreed to pursue a possible merger, subject to a successful exploration and integration review, to a favorable vote from members and regulatory approval, according to a financial report. Plus the Credit Union press release.
The combined credit union is said to have more than $ 1.1 billion in assets, eleven branches and about 80,000 members, the statement said.
“We are delighted to be partnering with Wanigas Credit Union. With our combined resources and unified membership, we will be able to further enhance our digital service strategy and increase the depth of our products, delivering an even more seamless member experience, ”said Barney Hennessy, President of Board of Directors of Financial Plus Credit Union. “This opportunity aligns with our core values and our vision to provide a wide variety of financial options to our members across the state for any reason, anytime, anywhere.”
Wanigas Credit Union was started as the Saginaw Gun Plant Employees Federal Credit Union in 1952 by a group of employees from the Saginaw Plant 2 division.
“Our members and surrounding communities will thrive through this partnership. We are delighted to offer increased membership access, employee benefits and growth opportunities, while remaining a strong and healthy credit union, ”said Michael Balls, Chairman of the Board of Directors of Wanigas Credit Union. . “It was very important for us to partner with a local credit union like Financial Plus, which shares our same core values. “
Financial Plus Credit Union Financial Plus was founded in 1952 as the Chevy-Flint Federal Credit Union to serve employees of the Chevrolet Motor Company in Flint.
The current CEO of Financial Plus Credit Union, Brad Bergmooser, will lead the credit union with the help of the management team of the two credit unions. Current Wanigas Credit Union CEO Bernie Williams will join the Combined Credit Union as a member of the management team.
All employees of the two organizations would continue to be employed by the combined organization.
Financial Plus has $ 754 million in assets and serves more than 55,000 members across Michigan. Membership is open to anyone who lives, works, worship, or attends a college or university in the state.
Wanigas Credit Union has nearly 25,000 members, four branches and over $ 412 million in assets. Membership is open to anyone who lives, works, worships, attends school, or has a business or other legal entity in any county located in the lower peninsula of the state.
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