FARMINGTON, Mich. — Members of Advantage One Credit Union have approved its merger with LOC Credit Union to create a combined CU with nearly $750 million in assets and more than 47,000 member accounts,.
The member vote, held July 15, overwhelmingly approved the merger proposal, the credit unions said. The combined organization is expected to become effective May 1, 2027, following regulatory approvals and systems integration.
Although Advantage One will merge into LOC Credit Union’s charter, the combined institution will operate under the Advantage One Credit Union name. Headquarters will remain in Farmington, while the organization will continue serving members statewide through nine branches located in Brighton, Brownstown Township, Dearborn (two), Farmington, Hartland, Howell, Southgate and Taylor, the CUs said in a statement.
As the CU Daily reported earlier, LOC Credit Union reported $1.26 million in net income and had net worth of 9.95% as of the first quarter. The 17,805-member Advantage One had $873,000 in net income and net worth of 11.62% as of the same date.
The Management Team
Under the leadership transition plan, LOC Credit Union President and CEO Stephen Grech will serve as CEO of the combined organization until his planned retirement on Dec. 31, 2027. Advantage One President and CEO Chris Corkery will serve as president during that period before assuming the roles of president and CEO following Grech’s retirement. The combined credit union also said all Advantage One employees will be offered positions, all existing branches will remain open and current Advantage One board members have been invited to serve on the combined board.
“On behalf of Advantage One Credit Union, I’d like to thank our members for their vote of confidence on this merger approval as we chart this next phase of our credit union’s future,” Corkery said in a statement.
Grech said the decision to adopt the Advantage One name reflects the organization’s long-term growth strategy.
“Given the historic, geographic context of the LOC Credit Union name, leadership felt Advantage One Credit Union would better resonate with consumers as the organization pursues new markets,” Grech said, noting the name better reflects the credit union’s statewide field of membership.
‘Economies of Scale’
When the merger was first announced, the credit unions said the combination would allow them to achieve greater economies of scale while investing in technology, enhancing digital banking capabilities and expanding their retail footprint. Both organizations currently use the same core processing and digital banking systems, which executives said should help create a smoother integration for members.
Prior to the merger, LOC Credit Union served approximately 29,000 members and held about $480 million in assets, while Advantage One served nearly 18,000 members with more than $260 million in assets.
