Farmington-based LOC Federal Credit Union and MemberFocus Community Credit Union in Dearborn announced Monday they intend to merge.
The move depends on final due diligence, regulatory approval, and a favorable vote by LOC Credit Union members. Both boards of directors voted to pursue the merger earlier this summer after months of conversation.
The combined credit union would:
- Have nearly $445 million in assets.
- Serve more than 33,000 member accounts.
- Keep the MemberFocus Community Credit Union state charter with the LOC Credit Union name
- Maintain five branch locations: two in Dearborn, one in Farmington, one in Howell and one in Hartland, with headquarters in Farmington. Dearborn locations will operate as MemberFocus Community Credit Union, a division of LOC Credit Union.
LOC president and CEO Stephen Grech, along with the senior leadership team of both credit unions, will lead the organization. MemberFocus president and CEO Jon Elliott will become Senior Executive Vice President.
The move will not eliminate any jobs.
“This merger allows LOC to retain its identity, leadership team and strategic goals while leveraging MemberFocus Community Credit Union’s state charter, financial strength and the economies of scale that can be achieved as a larger financial institution,” LOC board chairperson Michael Lasley said in a press release. “We are excited about extending our value propositions to the MemberFocus Community Credit Union membership in the near future.”
MemberFocus Community Credit Union Chairperson Betty Richards said, “Both credit unions are in an excellent financial condition and combining will allow us to further develop products and services for our membership. More products, more services, increased access to locations and technology will enhance the member experience. We are very excited about this partnership with LOC Credit Union.”