Credit unions merge
Two credit unions in the region are merging.
Advia Credit Union in Parchment said last week that it and Southwest Michigan Federal Credit Union in Kalamazoo have approved a "partnership with intent to merge agreement" to combine the organizations.
Pending regulatory approval and voting member approval from Southwest Michigan Federal Credit Union, the "partnership" is anticipated to be finalized by the fall of 2014.
The move is expected to provide increased branch accessibility and "electronic financial access" for credit union members.
Members will have access to approximately 5,000 service centers and 30,000 surcharge-free ATMs.
“There is strength in numbers, and this partnership allows us to provide additional return to our member-owners through operational efficiencies experienced in combining our operations,” said Cheryl DeBoer, president and chief executive officer, Advia Credit Union.
Advia and Southwest Michigan will rank in the top 3 percent in the country based on size, with more than 110,000 members and assets of more than $1.1 billion.
Advia will continue to be headquartered in the Kalamazoo County city of Parchment, with leadership and branch operations remaining unchanged.
Employees of both credit unions are anticipated to retain existing positions, and none of the branches are expected to close.
Advia Credit Union has 21 branches throughout Michigan, Illinois and Wisconsin and employs roughly 400 people.
Southwest Michigan Federal Credit Union serves 4,500 members in nine counties: Allegan, Barry, Berrien, Branch, Calhoun, Cass, Kalamazoo, St. Joseph and Van Burien.