Southside Lansing's CapCom Credit Union announced plans to merge with DFCU Financial Federal Credit Union, a deal that would allow the credit union to expand its services and have access to $2.2 billion in assets.
The request still needs to be approved by the state’s insurance regulation arm and the National Credit Union Administration (NCUA). If it’s approved, the two companies will claim $2.2 billion in assets and serve more than 200,000 members.
“Our Board of Directors was looking for market diversity and being able to go into the eastern markets,” says CapCom CEO Renee Demarco. “They were looking to go into the western markets and it (the deal) really complimented each other. Rather than having duel branches, you’re aligning them all in your backyard, if you will.”
Demarco says the merger will not have any physical impact on the company’s Michigan branches. However, the CapCom branches may have to add employees to accommodate DFCU’s mortgage and financial planning services.
“We will be reviewing those things in the very near future,” she says.
The new DFCU Financial Credit Union will have 21 full-service branches and approximately 500 employees.
Source: Mary Beth Moorhead, CapCom Credit Union
Ivy Hughes, development news editor, can be reached here.
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