The two credit unions have submitted paperwork with regulatory agencies for approval to merge ECECU into MSUFCU.
EAST LANSING, MI—After an extended period of discussion and due diligence, a merger of MSU Federal Credit Union (MSUFCU) and Eaton County Educational Credit Union (ECECU) has been approved by the credit unions’ respective boards of directors. The proposed merger is contingent upon the approval of regulatory agencies and a majority of ECECU’s members.
MSUFCU’s President/Chief Executive Officer Patrick McPharlin stated, “MSUFCU and ECECU have a shared commitment to helping members achieve financial success, and I am excited for the new opportunities this proposed merger provides for members of both credit unions. ECECU members will gain expanded account access 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.”
Ken Huber, ECECU’s Treasurer/Manager added, “Due to the current economic climate and recent financial legislation, many smaller credit unions are finding it impossible to earn income and grow financially. In order to best serve our members, ECECU’s board of directors recognized that we needed to partner with another credit union. We specifically approached MSUFCU as they are very sound and secure and will provide our members with exceptional service plus a wide variety of additional services and conveniences.”
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 handful of MSU professors and employees, MSUFCU now has 169,000 members, over $2.3 billion in assets, and more than 475 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 5,000 members, over $30 million in assets, and nine employees.