Another consolidation among local credit unions is underway now that Credit Union One is absorbing Good Shepherd Credit Union.
The Ferndale-based credit union is taking over Good Shepherd as part of its plan to grow its membership and extend its reach across metro Detroit. Lincoln Park-based Good Shepherd has 8,300 members and branches in Lincoln Park and Woodhaven.
“Growing into downriver has always been a goal of ours from a geographic standpoint,” says Gary Moody, president & CEO of Credit Union One. “Adding 8,000 members also made sense.”
The merger, if approved, will be complete by the end of June. The addition of Good Shepherd Credit Union will add $93 million in assets to Credit Union One’s existing $860 million in assets. Credit Union One has 120,000 members and 18 branches mainly spread across Oakland and Macomb counties. It also has branches in Grand Rapids and Traverse City.
Credit Union One has grown its assets and membership by 10 percent over the last year. It has also grown its deposits and loans by 20 percent to $765 million and $715 million respectively. The credit union employs a staff of 302 people and has one intern. It has hired 13 people over the last year and is looking to add to that number.
“We’re always hiring branch staff,” Moody says.
Source: Gary Moody, president & CEO of Credit Union One
Writer: Jon Zemke
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