LOC Credit Union and Advantage One Credit Union
Announce Intent to Merge
The Board of Directors for both LOC Credit Union headquartered in Farmington, and Advantage One Credit Union headquartered in Brownstown Township have announced their intent to merge, pending a favorable vote by Advantage One Credit Union members. The decision to pursue a merger was unanimously approved by each Credit Union’s Board of Directors in late 2025 after months of conversation.
The combined credit union would:
- Exceed $750 million in assets.
- Serve more than 47,000 member accounts.
- Retain the Advantage One Credit Union name.
- Continue to serve the entire state of Michigan.
- Maintain headquarters in Farmington.
- Operate nine branch locations: two in Dearborn, one in Brighton, one in Brownstown, one in Farmington, one in Howell, one in Hartland, one in Southgate and one in Taylor.
- Be led by current LOC Credit Union President and CEO Stephen Grech who will continue as CEO until his anticipated retirement date. Advantage One Credit Union President and CEO Chris Corkery will serve as President of the combined organization. The senior leadership teams of both credit unions will continue to service the combined organization.
- Provide expanded career opportunities to employees of both organizations with no job reductions resulting from the merger.
“This merger allows us to deliver products and services in a more efficient manner while enhancing the overall experience for our members through an expanded retail banking footprint,” said LOC Credit Union Board Chairperson Paul Renko. “Both credit unions are on the same core processing and digital banking systems, which will lead to a more seamless integration and provides opportunities to achieve economies of scale while also leveraging our state-wide field of membership.”
Advantage One Credit Union Chairman Richard Lindemann shared, “While both credit unions are financially strong and considered well-capitalized, our industry continues to demonstrate a need for fast-paced growth in technology. We also recognize that as technology evolves, so do the expectations that our members have of us. We believe LOC Credit Union shares similar beliefs and strategy as ours to help us remain competitive.”
A vote by Advantage One Credit Union members is expected to occur sometime this summer. A system and brand integration are anticipated for May 2027.
About LOC Credit Union
LOC Credit Union is a state-chartered credit union serving approximately 30,000 member accounts with approximately $480 million in assets. With headquarters in Farmington, the LOC Credit Union was formed as a result of a merger between LOC Federal Credit Union and MemberFocus Community Credit Union in 2022.
Advantage One Credit Union
Advantage One Credit Union was chartered in 1952 as the McLouth Employees Federal Credit Union, serving employees of McLouth Steel Corporation. In 2016, members voted to convert to a state charter, and in 2020, the charter was expanded to extend membership eligibility to all of Michigan. The Credit Union serves nearly 18,000 member accounts and has more than $260 million in assets.
We will continue to update this page, share additional communication in our eNewsletter. While we've compiled a number of frequently asked questions and answers below, please don't hesitate to give us a call at 800.837.4562 if you were to have any additional questions or concerns.
Frequently Asked Questions
The proposed merger provides LOC the opportunity to retain its leadership team, strategic goals and Board of Directors. It's important to note that both credit unions are on the same core processing and digital banking systems, which will lead to a more seamless integration. This also provides opportunities to achieve economies of scale that will allow us to deliver products and services in a more efficient manner The merger would also offer members additional branch locations in Wayne County and provides a natural extension to the south of our existing Dearborn locations.
Like today, anyone who lives, works, worships or goes to school in the State of Michigan and their immediate family will be eligible for membership.
Both credit unions are financially strong and considered well-capitalized by the National Credit Union Administration (NCUA) and the Michigan Department of Insurance and Financial Services (DIFS). Each credit union has also earned a five-star rating from BauerFinancial. This is their highest rating a credit union can receive and denotes and highlights that an institution is safe, financially sound, and operating well above its regulatory capital requirements.
The credit union industry continues to demonstrate a need to keep up with the fast-paced growth of technology, and with it, the expectations that members have of their credit union. This has led to considerable consolidation of Michigan credit unions over the last 15-plus years, resulting in larger institutions that can do more for their members given their size and scale. This merger helps the Credit Union achieve operational efficiencies, enhance member relevance, and strengthen our ability to retain and recruit top-tier talent.
Because LOC Credit Union's state charter will be the surviving charter, members are not required to approve the merger.
Current LOC Credit Union President and CEO Stephen Grech, who will continue as CEO until his anticipated retirement date. Advantage One Credit Union President and CEO Chris Corkery will serve as President of the combined organization. The senior leadership teams of both credit unions will continue to service the combined organization.
The new combined credit union would serve more than 47,000 member accounts while exceeding $750 million in assets and maintain locations in Brighton, Brownstown, Dearborn (2), Farmington, Hartland, Howell, Southgate and Taylor.
The combined credit union would provide expanded career opportunities to employees of both organizations with no job reductions resulting from the merger.
All existing Board members of both credit unions have been invited to continue to serve on the Board of Directors of the combined Credit Union.
No change to your account numbers is anticipated. However, given the two credit unions share the same core processing system, there may be instances of overlap. Both organizations will work to address and minimize any member disruption as part of the merger integration plan.
Unless you hear from us, we do not anticipate need for you to update bill pay or other electronic payments.
Unless you hear from us, we do not anticipate the immediate need for new checks or cards. Post-merger, any future re-issues or re-orders will have the Advantage One Credit Union logo/name.
These locations will be available to existing LOC Credit Union members after the system integration, which is expected to occur around May of 2027.
No major changes to branch hours are expected.
It is expected that the effective date will be no later than May 1, 2027, subject to receiving required regulatory approvals and timing the system integrations. The two credit unions are still working out the details of system integrations with their vendor-partners.
There is no geographic overlap between the two credit unions’ branch locations, so no closures are planned. In fact, LOC Credit Union recently relocated its Dearborn-Chase location to a more modern facility on Greenfield Rd. and will relocate Hartland to a new standalone facility by the end the 2026. The Credit Union also continues to review options for the existing Dearborn-Telegraph location to provide a better member experience.
Members of Advantage One Credit Union are being asked to approve a unanimous recommendation by their Board of Directors to merge into LOC Credit Union, pending regulatory approval. Upon the merger effective date, LOC Credit Union will change its name to Advantage One Credit Union and maintain headquarters in Farmington. LOC’s current President/CEO Stephen Grech will continue to serve as CEO of the combined credit union with Advantage One President/CEO Chris Corkery serving as President.
Advantage One Credit Union serves nearly 18,000 members and has more than $260 million in assets. LOC Credit Union has approximately 29,000 members with approximately $480 million in assets.
Given the historic, geographic context of the LOC Credit Union name (Livingston Oakland Counties), the Credit Union's leadership felt Advantage One Credit Union would better resonate with consumers as the organization pursues new markets. We don't want potential members to have to ask, "What does LOC stand for?" and be a barrier to growth given our ability to serve the entire State of Michigan.
Yes, finding suitable merger partners has been a key component of the Credit Union's Strategic Plan. The LOC Credit Union Board of Directors unanimously approved the decision to merge with Advantage One Credit Union.
