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Two Michigan Credit Unions Announce Plans to Merge.

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Posted at 11:56 AM, Sep 23, 2020
and last updated 2020-09-23 11:56:27-04

LANSING, Mich. — CP Financial Credit Union, recently known as CP Federal Credit Union, based in Jackson, MI announced plans to merge with Washtenaw Federal Credit Union located in Ypsilanti. The merger is the result of over 12 months of collaboration between the two entities who are looking to combine resources, talented teams, branch locations and products to create a greater experience for their members, communities and each other. In May, both Boards of Directors voted unanimously to move forward with the intent to merge.

Independently, CP Financial Credit Union and Washtenaw Federal Credit Union both demonstrate a strong reputation of being financially sound, member focused and community minded. Each credit union brings new products and services, locations and talent to the table. Together, they will yield a credit union with over 63,000 members, $600 million in assets and 12 branches serving Jackson, Ingham and Washtenaw counties with a combined history of serving members for over 138 years.

Plans include combining both teams of CPFCU and WFCU and retaining all staff as well as expanding membership eligibility under a state charter in which anyone who lives, works, worships or attends school in the state of Michigan will be invited to join. Additionally, the credit unions are looking to consolidate under a new name and brand and combine under the guidance and expertise of their already established leadership teams. Chrissy Siders will serve as President/CEO, and Jason Matley will serve as Executive Vice President of Strategy and Transformation.

Chrissy Siders, CEO of CP Financial Credit Union stated, “I can’t think of a better partner than Washtenaw Federal Credit Union. We share a strong commitment to inspiring and caring for our members, communities, and each other. I am confident this partnership will be beneficial for everyone involved as we provide additional products, services, locations and opportunities for existing and potential members and employees.”

Jason Matley, CEO of Washtenaw Federal Credit Union stated, “I truly could not be more excited for this partnership because of the opportunities it will create for our members, our WFCU team, and for the Washtenaw community. This merger is the perfect blend of two credit unions with strong values and mutually aligned cultures that will allow us to bring more to the members and communities we serve.”

The National Credit Union Administration has reviewed the merger application and issued a preliminary approval pending a member vote by WFCU members slated for later this fall. With member support of the merger through the voting process, the credit unions anticipate their first legal day as a combined organization will be January 1st, 2021. For ongoing updates and information please visit http://www.washtenawfcu.org/Merger-Info

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