Seven credit unions in Michigan plans to open a new trust bank late in the first quarter of 2019 after receiving approval from state regulators.
The proposed formation of a trust bank by seven Michigan credit unions gives new fodder to a long-standing battle in the financial services industry.
Here is the MiBiz Growth Report for May 30, 2017:
• M&A: Grand Rapids-based FEDCom Credit Union, which has three offices in the Grand Rapids area with 7,654 members and assets of $67.6 million, proposed to merge into Midland-based Members First Credit Union. Members First has eight offices, 50,680 members and $480 million in assets. The deal was listed in a monthly activity report issued by state regulators.