DEARBORN – First Catholic Federal Credit Union and Michigan Catholic Credit Union merger plans received regulatory approval Nov. 21, clearing the way for creation of Alliance Catholic Credit Union.
The credit unions’ boards voted in March to merge. FCFCU membership approved the plan Oct. 15. The plan received final approval from the state of Michigan and the National Credit Union Administration Nov. 21.
FCFCU’s three branches and MCCU’s six branches will become ACCU branches with integration of member accounts and services offered by each credit union. The integration process will continue into 2013. The executives, management and staff of each credit union will stay on board.
“We are very grateful that our membership supported this proposal,” FCFCU CEO Angela Millis said. “We know that this merger positions the combined organization to serve the Catholic community throughout southeast Michigan and the Detroit metropolitan area. It provides an opportunity for expansion offering a positive move for members of both credit unions.”
“Becoming a larger progressive credit union offers the opportunity to provide both new and enhanced services to current and future members of the Catholic community,” MCCU President and CEO Rob Grech said.