Credit unions merging forces
A pair of credit unions in the region are merging to form a brand-new entity.
Sparta-based Rogue River Community Credit Union, or RRCCU, has announced its pending merger with Fremont-based Newaygo County Service Employees Credit Union, or NCSECU, to become Compass Credit Union.
Rogue River Community Credit Union President and CEO Erika Garrison-Bauer will take over as Compass Credit Union president and CEO.
Terms of the deal were not disclosed.
“This rebranding and merger represents the next phase for RRCCU and NCSECU — by pooling resources, the newly named Compass CU will be able to expand more offerings to our members” Garrison-Bauer said. “We look forward to additional expansion and growing with new partners, as this will allow us to reduce imposed fees on members and help us better serve new and existing communities.”
The merger expands RRCCU’s membership by 30 percent to a combined total of more than 9,000 members and its assets to more than $67 million.
NCSECU will become community chartered under the rebrand, opening membership to anyone who lives, works, worships or attends school in any of the 11 counties that border Kent and Newaygo counties.
“Since Compass CU will be a not-for-profit institution, we are going to be able to pour all of our resources back into the areas we serve,” NCSECU Manager Dennis Greeno said. “With increasing regulatory demands on credit unions, it is essential that the next generation of smaller and mid-sized CU’s unite, so that we can continue to offer higher interest rates on savings, lower interest rates on loans and meet the technological demands of our membership. This merger is one step toward that future.”