LOC Federal Credit Union Members Approve Merger with MemberFocus Community Credit Union
LOC Credit Union members overwhelmingly approved a merger with MemberFocus Community Credit Union based in Dearborn at a special meeting held at its Farmington headquarters on April 26, 2022.
The results were certified by the accounting firm of Doeren Mayhew based in Troy, MI.
The expected effective date of the merger is July 1, 2022, at which point MemberFocus Community Credit Union will change its name to LOC Credit Union. Current LOC Credit Union President/CEO Stephen Grech will continue to lead the new organization while MemberFocus Community Credit Union President/CEO Jon Elliott will become Senior Executive Vice President. Dearborn branches will operate as MemberFocus Community Credit Union, a division of LOC Credit Union. Headquarters will be maintained in Farmington.
Concurrent with the merger effective date, membership in the combined credit union will be available to anyone and their immediate family members who live, work, worship, or attend school in the state of Michigan, as approved by the Michigan Department of Insurance and Financial Services (DIFS).
“On behalf of the LOC Credit Union Board of Directors, we thank our membership for voting in favor of this partnership, which offers the credit union expanded growth opportunities as we pursue our strategic goals,” said LOC Credit Union Board Chairperson Michael Lasley.
MemberFocus Community Credit Union Board Chairperson Betty Richards shared, “We are very excited about this partnership with LOC Credit Union and the opportunity to provide our membership with enhanced product and service offerings as well as additional branch locations.”
Below are highlights of the combined credit union:
- Manage Nearly $465 million in assets.
- Serve more than 33,000 member accounts.
- Offer five branch locations: two in Dearborn, one in Farmington, one in Howell and one in Hartland.
- Continue to provide career opportunities for all employees of both organizations with no job reductions due to the merger.
A system conversion date is scheduled for August 1, 2022, at which point members of both institutions will have access to all five branch locations.
Both credit unions noted that they were founded as teachers’ credit unions, and they take pride in their shared roots serving the educational community.