FLINT, Mich. — The $1.7-billion Financial Plus Credit Union and the $406-million Monroe Community Credit Unionhave announced plans to merge in a deal that would create a Michigan credit union with more than $2 billion in assets, subject to regulatory and member approval.
The two credit unions said in a joint statement Tuesday that the proposed combination would pair Monroe Community’s local service and community relationships with Financial Plus’ broader product offerings, statewide branch network and digital banking capabilities.
The institutions said they intend to retain all employees from both organizations. They did not disclose a proposed completion date, the name of the combined institution or other terms of the transaction.
The Financials
Financial Plus CU reported $11.2-million in net income through Q3, with net worth of 11.7%. Monroe Community had $3 million in net income through mid-year, with net worth of 11.43%.
Emphasis on Local Community
Founded in 1953, Monroe Community Credit Union said it has emphasized local service and community involvement throughout its history, according to the statement.
Financial Plus President and CEO Brad Bergmooser, who grew up in Monroe, said in a statement that the proposed merger has personal significance.
“Monroe isn’t just another community on a map for me. It’s home,” Bergmooser said. “It’s where I grew up, where my lifelong friendships were formed, and where the values that guide me today first took shape.”
Bergmooser said the goal is to preserve Monroe Community’s relationships with members while adding products, technology and resources.
Kristine Brenner, president and CEO of Monroe Community Credit Union, said the institutions share similar values and approaches to employees, members and community support.
“We are excited about what this partnership means for the future, including the opportunity to bring our teams together and retain all employees from both organizations,” Brenner said in a statement.
Increasing Impact
Brenner said combining the credit unions’ strengths could expand services and opportunities for members and increase their community impact.
The proposed merger cannot proceed without the required regulatory and member approvals.
