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Michigan Credit Union League

Portland Federal Credit Union Membership Approve State Charter Conversion

The membership of Portland Federal Credit Union (PFCU) voted Wednesday to approve a conversion from a credit union chartered under the Federal Credit Union Act to a credit union chartered under the Michigan Credit Union Act. The conversion will allow PFCU to provide membership to anyone who lives, works, and/or worships in the entire state of Michigan.

“Our ability to expand our field of membership as a federally chartered credit union was limited,” said PFCU’s president/CEO, Harvey Hoskins. “There will be no changes to the products, services or fees at PFCU. The conversion merely permits the credit union to take advantage of more opportunities for further growth.”

The affirmative conversion vote is another step in the ongoing merger between PFCU and SageLink Credit Union. The membership of SageLink Credit Union, based in Durand, MI, voted last month to approve the merger of their credit union with PFCU.

The combined credit union will have total assets of $533 Million and 13 branch locations covering Kent, Barry, Ionia, Ingham, Shiawassee and Genesee counties. This will make PFCU the 27th largest credit union in the state with a combined 48,000 members.

In addition to the increase of products and services offered, both credit unions have expressed their excitement about how this partnership will provide expanded convenience through a network of locations that will now incorporate the I-69 and I-96 corridor. This will allow members face-to-face service opportunities that extend as far east as Flint and as far west as Caledonia.

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2018-05-10 00:00:00