United Federal Credit Union plans to buy a former Whirlpool Corp. office building in St. Joseph for its new corporate headquarters.
ST. JOSEPH — United Federal Credit Union’s opening of two offices this summer in South Bend and Mishawaka follow the organization’s plan to build a broader presence in the northern Indiana market.
Two pending deals where West Michigan-based credit unions are buying small community banks follow an emerging trend nationally.
Chris Mason and his partners wanted to use a local lender when they sought a loan to start their business in Stevensville, just north of the Indiana border in Berrien County.
PARCHMENT — Advia Credit Union’s proposed acquisition of Mid America Bank, a small community bank in southern Wisconsin, is the kind of deal that occurs infrequently in the financial services industry.
Many credit unions recorded 2015 loan growth in the double digits, said Kenley Penner, a partner and the head of Plante Moran PLLC’s credit union practice. Penner attributes the results and lending growth to a “relatively strong” housing market that’s driving mortgage originations, coupled with strong sales volumes for both new and used vehicles.
A mega merger of two West Michigan credit unions has been called off. Instead of joining operations, Lake Michigan Credit Union in Grand Rapids and St. Joseph-based United Federal Credit Union will remain independent entities.