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Lake Michigan CU and United FCU Announce Intent to Merge
Friday, October 23, 2015 6:45 AM

Lake Michigan Credit Union and United Federal Credit Union have jointly announced their intent to merge, subject to regulatory and other approvals. The merger of these two organizations will create one of the top credit unions in the United States, serving approximately 500,000 members and providing superior financial value, products, and services.

The combined organization will have total assets of more than $6 billion, more than $8 billion in its mortgage servicing portfolio, and will be a top-20 credit union in terms of both total assets and net loans. In addition, the merged organization will have a more robust offering of products and services, enhanced technology capabilities, and a significantly larger presence with 1,400 employees in 78 locations across seven states, including Arkans in the Cornerstone region.

“I am extremely pleased to announce the merger of these two highly regarded credit unions,” said Sandy Jelinski, president and chief executive officer of Lake Michigan Credit Union. “Our similar cultures and complementary geographies and service strengths make this combination a natural fit.”

Gary Easterling, president and chief executive officer of United Federal Credit Union, added, “We are very excited to merge with Lake Michigan Credit Union. Both the UFCU Board and LMCU Board were unanimous in their approval of this merger. We view this as a tremendous opportunity for our employees and our members to combine with another great organization that will significantly expand our potential for mutual future success.”

Once merged, the combined organization does not anticipate any changes to staffing or branch offices. Senior management from both organizations will remain in place and their combined leadership will set the tone for superior service and future growth for the merged organization.

Sandy Jelinski will serve as the president and chief executive officer of the merged credit union. Gary Easterling, has previously announced his pending retirement, but will remain involved during the transition. The existing operating locations will retain their current name and branding, with United Federal Credit Union becoming United Credit Union when the merger is complete and both credit unions are consolidated under the LMCU state charter.

The intent to merge has been unanimously approved by the board of directors of both credit unions and is expected to close by the end of the year, subject to customary closing conditions, including regulatory and other approvals.

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