MSUFCU Announces Merger with Eaton County Educational Credit Union (ECECU)
EAST LANSING, MI— The Boards of Directors of Michigan State University Federal Credit Union and Eaton County Educational Credit Union announce the merger of their respective financial institutions, effective April 1, 2013. The two credit unions informed members in late 2012 of a proposed merger of ECECU into MSUFCU and received all necessary regulatory approval to proceed with the merger in January 2013. ECECU members voted overwhelmingly to approve this merger in February 2013 with more than 95% of the voting members casting ballots in favor of the merger.
The two credit unions’ operations will combine on the official merger date of April 1, 2013, after which ECECU will become a part of MSUFCU. ECECU’s staff will continue on as MSUFCU employees following the merger, and additional staff has been hired to support expanded hours and services at the current ECECU branch in Charlotte, MI.
Patrick McPharlin, MSUFCU’s President and Chief Executive Officer, states, “MSUFCU and ECECU have a shared commitment to helping members achieve financial success, and we are excited for the new opportunities this merger provides for members of both credit unions. ECECU members will gain expanded account access and a broader range of products and services along with greater financial strength and stability for their accounts, and the 11,000 MSUFCU members already residing in Eaton County will receive the added convenience of an established branch in Charlotte.”
More information about the proposed merger of MSUFCU and ECECU may be found at www.msufcu.org/ececu.
MSU Federal Credit Union, the world’s largest university-based credit union, offers a full range of personal- and business-related financial services to Michigan State University and Oakland University faculty, staff, students, alumni association members, and their families worldwide in addition to a variety of select employee groups. Founded in 1937 by a few MSU professors and employees, MSUFCU now has eleven branches, over 169,000 members, more than $2.3 billion in assets, and over 490 employees.
Eaton County Educational Credit Union, located in Charlotte, MI, serves employees and pensioners of educational institutions located in Eaton County and employees of a number of companies and organizations. ECECU has more than 4,000 members, over $30 million in assets, and nine employees.