Ferndale, Michigan – The $93 million Good Shepherd Credit Union (GSCU) headquartered in Lincoln Park, Michigan plans to merge into $860 million Ferndale based Credit Union ONE (CUONE) pending approval by the GSCU membership. The membership vote is scheduled for March 25, 2015. If approved, the merger would be effective June 30, 2015.
GSCU formed in 1957 has approximately 8,300 members and two branches in Lincoln Park and Woodhaven Michigan. GSCU’s field of membership includes individuals who live, work, worship, or are educated in Wayne and Monroe Counties. Credit Union ONE was organized in 1938 and has approximately 120,000 members who are served by eighteen branches throughout Metropolitan Detroit, Grand Rapids, and Traverse City.
Despite its sound financial footings and fifty-eight year successful track record, the GSCU Board of Directors decided it was in the best interests of its membership to seek a merger partner. After a thorough due diligence process the GSCU Board determined that a merger with CUONE was the best solution for GSCU members and employees. Key factors in this decision were CUONE’s strong financial position, and its ability to deliver a high quality, full service member experience through a comprehensive delivery system.
Lisa Cook, CEO of Good Shepherd Credit Union said, “Our Board recognized that we have a shared commitment and mission of providing great service and member financial success. Credit Union ONE has demonstrated not only its financial strength but also its values make it the right merger partner for our organization. Merging with Credit Union ONE will allow Good Shepherd Credit Union to provide more products and services to its members, while offering greater job opportunities for its employees. We know this is a good decision not just in the present, but looking into the future as well.”
“We welcome the decision of the GSCU Board to select CUONE as a merger partner,” said Gary Moody, President/CEO of Credit Union ONE. “This is a strategic partnership of two strong and well established institutions. We recognize that when combined we are stronger and more capable of fulfilling our shared vision of financial strength, a sustainable business model, and the best service in the industry. The members of both credit unions will benefit from this merger.”
Credit Union ONE, headquartered in Ferndale Michigan for over seventy-five years, offers a wide array of financial services and access to over 30,000 ATM’s nationwide, serving 120,000 members, with eighteen offices in three major metropolitan areas, including Metro Detroit, Grand Rapids and Traverse City. For more information go to cuone.org or "like us" on Facebook
Contact Judi Desilets, Director of Public Relations for Credit Union ONE, 248-584-5224, Judi_Desilets@cuone.org