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
