STERLING HEIGHTS, Mich.–Two faith-based credit unions in Michigan have announced plans to merge.
The $901-million Christian Financial Credit Union in Sterling Heights, Mich. and the $119-million Catholic Vantage Financial Credit Union said they are seeking to combine and that federal and state regulators have signed off pending a member vote.
The CVF member vote is be held in May 2025.
If members approve, , CVFCU and CFCU said they plan to merge on July 1 and to operate as Christian Financial Credit Union, headquartered in Sterling Heights, Mich. The combined CU would have more than 63,000 members and 12 branches throughout metro Detroit.
Christian Financial reported $6.8-million in net income at year-end 2024, with net worth of 10.4%. Catholic Vantage posted $520,506 in net income and net worth of 9.34% as of the same date.
‘Born to Meet Needs’
“CVF and Christian Financial have a similar origin story as we were born to meet the needs of everyday people who embraced a common faith and evolved to a more inclusive structure serving all the communities where we operate,” CFCU President and CEO Patricia Campbell said in a statement. “Together, we can better navigate the challenges facing financial services today and deliver on our promise of Everyday Easy for our members. CVF’s footprint in Western Wayne County compliments our coverage on the east side of metro Detroit. Together, we will be able to deliver convenience to our members and make a larger impact on our communities.”
A ’Rich History’
Both organizations have a rich history serving the metro Detroit faith community dating as far back as 1950 and 1953, respectively, the organizations said.
“Throughout this entire process, CFCU and CVF have stayed true to their core values of innovation, integrity, sustainability, making an impact in our communities, and most importantly, putting the member first,” CVCU CEO Peter Bagazinski said in a statement. “CVF has always been committed to ‘Making Life Better’ and together we will constantly strive to earn the confidence of all our members with quality member service on every interaction.”
Tech Conversion
The credit unions said their operating technology systems will be converted in late fall 2025 and that the combined 212 CVF and CFCU employees will be retained. Three board members from CVF will join the Christian Financial Board.
Campbell will continue as President and CEO of the merged credit union, while Bagazinski will serve as the chief business development and advocacy.