GRAND RAPIDS, Mich. – A proposed merger that would have been the largest credit union merger ever, has been called off.
The merger of Michigan-based Lake Michigan Credit Union and United Federal Credit Union was announced in October. The two institutions announced the cancellation Friday morning in a joint statement.
In the statement, both organizations said they both came to the mutual conclusion that “they are better served by remaining independent to deliver the utmost value to their members.” Both organizations say they remain in strong positions.
In the statement, they say the proposed merger was never put to a vote and regulatory processes were never completed. They say the merger was called off purely for business reasons.
Combined, the two organizations would have had $6 billion in total assets and $8 billion in service mortgages, as well as 1,400 employees. No job cuts were expected in the merger.
