Lake Michigan CU-United FCU Merger Cancelled
The merger between Grand Rapids-based Lake Michigan CU and St. Joseph-based United FCU has been called off.
The merger, which was first announced in October 2015, would have been one of the largest in the history of the credit union movement. The cancellation was first reported by CUToday.info and later confirmed by MoodyontheMarket.com.
On Friday, January 8, the two credit unions issued a joint statement announcing the cancellation while praising both institutions’ boards for working together on the process.
Sandy Jelinksi, president and CEO of Lake Michigan CU, said that both credit unions learned from one another “and we look forward to continuing to share best practices between our two strong financial organizations.”
“This was the case of two strong organizations coming together, and in the end we both believed our best path forward was to be independent,” said Gary Easterling, president and CEO of United FCU. “We gained valuable insight and have great takeaways from the process, and we look forward to continuing to put our members first as we always have.”
Easterling was quoted by Moody on the Market as saying that during the merger process “it became increasingly apparent that we were simply trying to align two very different organizations, two very different cultures, and the task became just too difficult to achieve at this time.”
Easterling announced his retirement last year, but with the merger now cancelled, Easterling told Moody on the Market he is putting off retirement a bit longer to extend his stay at the credit union.
For more information on the reasons behind the merger’s cancellation, click here.Go to main navigation