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A pair of credit unions plan to merge in Michigan

Two Michigan credit unions are planning a merger, with one based out of Traverse City and the other based out of Charlevoix. The credit union in Charlevoix is known as Bay Winds Federal Credit Union, while the one that operates out of Traverse City is known as Members Credit Union. They plan to join and create a brand new option for those in the northern cities who are looking for places to store their money.

They have said that they do not plan to cut back on the number of people who work there. They also plan to keep all of the locations that they currently have. Rather than changing the physical makeup of the company, they wish to join to form one big financial institution that controls all of those branches. They are going to choose a new name, though it has not been released yet.

The reason for the merger seems to be that they think it will give more people access to the credit unions. They also said that it could help them save money by cutting back on the costs to run the company, making the company more efficient.

When the merger is complete, they should have 13 different branches in the area. They will be serving right around 75,000 members in total.

While mergers can be very beneficial to businesses, corporations, credit unions and other organizations, it is important not to move too quickly and overlook all of the legal steps that have to be taken to complete the merger properly. Anyone considering a similar move should take the time to explore their legal options, the paperwork that has to be done, and laws that govern a new company, among other things.

Source: Second Wave, "Two northern Michigan credit unions will merge," July 1, 2014

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