Bloom Credit Union and West Michigan Credit Union, two similar size Grand Rapids based credit unions, announced plans to merge on Tuesday.
The combined credit union would have assets of more than $450 million, employ 125 people and serve approximately 34,000 members. Both credit unions have been providing financial services to their memberships for over 70 years.
Earlier this month the board of directors of both credit unions voted in favor of the merger. Bloom Credit Union members must still vote on the merger proposal and regulatory approval is pending. If approved, it is anticipated the merger’s legal effective date would be April 1, 2025.
Bloom Credit Union CEO, Joe Heintskill, would become CEO of the new organization. William Keim, the current CEO of West Michigan Credit Union, would be President of the combined organization. “We are truly excited to join forces with West Michigan Credit Union. It’s a partnership that we believe will benefit our members, employees, and the communities we serve.” Heintskill said. "In a highly competitive financial services industry, combining our strengths would allow us to continue to enhance our products, service, and digital banking offerings.” Keim said.
Together, the new organization would have eleven branches in Michigan, providing more convenient access options for members. West Michigan Credit Union has branches in Grand Rapids, Big Rapids, Reed City, Cadillac, and Manistee. Bloom Credit Union has two branches in Grand Rapids plus one in Wyoming, Georgetown and Coopersville. All branches will remain open.
Both organizations will continue to serve members as they are now, keeping their individual names. Bloom Credit Union would become “Bloom Credit Union, a division of West Michigan Credit Union.” No employees will lose their jobs. “In fact, it’s more likely that we will be adding new positions over time,” Heintskill said. “Our members will continue to see the same familiar faces at their neighborhood branch.”
Bloom’s field of membership currently includes Kent, Ottawa, Muskegon and Allegan counties. With the merger, the field of membership would expand so that those who live in Barry, Benzie, Clare, Calhoun, Eaton, Grand Traverse, Ionia, Isabella, Jackson, Kalamazoo, Kalkaska, Mason and Oceana counties would be able to join the organization.
The combined credit union will continue to offer a range of financial services, from credit cards and mortgages to small business loans and convenience services like online banking, a versatile app and access to 30,000 ATMs.
More information, including FAQs regarding the merger, can be found on both credit union’s websites.