GRAND RAPIDS, MI — Two Grand Rapids-based credit unions, West Michigan Credit Union and Bloom Credit Union, are planning to merge.
The board of directors of both credit unions have voted in favor of the merger, according to a news release. However, member of Bloom Credit Union must still vote on the merger, and regulatory approval is pending.
Together, the combined credit union would have more than $450 million in assets, 125 employees, and would provide services to about 34,000 members.
“We are truly excited to join forces with West Michigan Credit Union,” said Joe Heintskill, CEO of Bloom Credit Union. “It’s a partnership that we believe will benefit our members, employees, and the communities we serve.”
Both credit unions “will continue to serve members as they are now, keeping their individual names,” according to a release. Bloom Credit Union would have a very slight name change, with its formal name becoming: Bloom Credit Union, a division of West Michigan Credit Union.
“In a highly competitive financial services industry, combining our strengths would allow us to continue to enhance our products, service, and digital banking offerings,” said William Keim, the current CEO of West Michigan Credit Union.
If the merger is finalized, Keim would be president of the combined organization.
Once combined, the new credit union would have 11 branches in West Michigan. Bloom Credit Union has branches in Wyoming, Georgetown Township and Coopersville, as well as two branches in Grand Rapids. West Michigan Credit Union has branches in Grand Rapids, Big Rapids, Reed City, Cadillac and Manistee.
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