Father Kramer CU Seeks Merger With Lake Trust CU (Monitor: July 25, 2011)
The $7 million Father Kramer CU is merging with Lake Trust CU.
A Lake Trust spokesman said that the Lansing-based credit union would keep Father Kramer’s office and staff in place at 7350 Bernice in Center Line.
“Over the years it’s become increasingly difficult to manage our credit union in the face of this challenging economy,” said Father Kramer CU board Chairman Arnie Lesner said. “The challenging economy has depressed our earnings, and we’ve continued to see our assets decline, both of which have limited our offerings to our members.”
Both credit unions’ boards have approved the merger. Before it becomes official, OFIR, the NCUA and Father Kramer members must approve the agreement.
Lesner continued, “We selected Lake Trust because our value sets strongly align. So much so, that our Boards of Directors share one member who will continue to represent our interests going forward. Lake Trust shares our members-first philosophy, and they are well positioned for the future. We strongly believe that this partnership will create substantial value for our members and serve them very well upon approval and long into the future.”
Lake Trust CEO Stephan Winninger said the merger will give Father Kramer members access to more products.
“We’re able to offer additional value for Father Kramer members and they help to strengthen the cooperative through their participation, which is great for the current Lake Trust membership,” Winninger said.
Father Kramer CU was originally established by the Father Kramer Council of the Knights of Columbus in Center Line, according the Father Kramer K of C website. Originally, it was a federally chartered credit union in 1949, and in 1966 became a state-chartered entity. It has about 1,500 members.
Lake Trust, with $1.6 billion in assets, is Michigan's fourth-largest credit union.