In 2021, Wanigas Credit Union agreed to explore a merger with Financial Plus Credit Union, headquartered in Flint, Michigan. The decision to proceed with the merger was the result of extensive assessment and research by each credit union and a desire to provide the members of both institutions with the best financial services possible.
Our explorations indicate that our two organizations share a strong mutual commitment to our members, our employees, and our communities. Wanigas Credit Union and Financial Plus Credit Union have a shared history of serving employees of the automotive industry and a continued commitment to a unionized employee workforce. Through a merger, we believe each of our organizations will be able to fulfill its commitment more efficiently while achieving the goal of expanding product and service offerings.
A merger with Financial Plus Credit Union would create a combined organization of over $1.1 billion in assets with 11 branch locations to serve you. By combining the two credit unions, we will be able to service more markets and have more budget dollars to devote to the credit union and, ultimately, the membership.
How we all benefit:
- Convenience: Members will now have access to a total of 11 branches. At our combined size we would be able to consider expanded branch operations in the area and other improvements to be more convenient to our members.
- Member Service: As a larger organization, we will be able to invest more in providing even better service to our members.
- Expanded/Improved products and services: Our larger size will allow us to consider many new and expanded products and services.
- Technology: Improved technology through the latest offerings in online and mobile banking.
- More competitive loan and deposit rates for members: By taking advantage of economies of scale on operating expenses, we will be able to pass those savings along to you, the members, through higher dividends, lower loan rates, and reduced fees.
- Employee Opportunities: Greater employee career growth opportunities, training resources, and competitive employee benefits as part of a larger organization.
What to expect:
- All branches of both organizations will stay open.
- All of our wonderful staff will be retained.
- All accounts will transfer to the combined credit union.
Next steps:
We are excited to share, the Michigan Department of Insurance and Financial Services and the National Credit Union Administration have approved the merger application. The final step for the merger to take place is approval from you, the Wanigas member. A Notice of Special Meeting of Members and Merger Ballot was mailed to each member on Monday, May 9, 2022. To vote on this proposition, the Board of Directors of Wanigas Credit Union has called a Special Meeting of the Members at:
Wanigas Credit Union
1837 Bagley St, Saginaw, MI 48601
Tuesday, June 28, 2022 at 6:00 PM
The purpose of this meeting is:
- To consider and act upon a plan and proposal for merging Wanigas Credit Union with and into Financial Plus Credit Union (hereinafter referred to as the “Continuing Credit Union”), whereby all assets and liabilities of Wanigas Credit Union will be merged with and into the Continuing Credit Union. All members of Wanigas Credit Union will become members of the Continuing Credit Union and will be entitled to receive shares in the Continuing Credit Union for the shares they own in Wanigas Credit Union on the effective date of the merger.
- To ratify, confirm and approve the action of the Board of Directors in authorizing the officers of Wanigas Credit Union, subject to the approval of members, to do all things and to execute all agreements, documents, and other papers necessary to carry out the proposed merger.
The Board of Directors of Wanigas Credit Union encourages you to attend the meeting and vote on the proposed merger. Whether or not you expect to attend the meeting, we urge you to complete and return your member ballot to vote on the proposed merger.
Your Wanigas Credit Union Board of Directors recommends that you vote “yes” on the merger with Financial Plus Credit Union.
We value you as our member and are committed to keeping you up-to-date on the progress of the partnership as it continues to develop. Merger updates will be posted here on our website.
Announcements:
Member Announcement May 2022 and
'Notice Of Special Meeting Of The Members'
Member Announcement February 2022
'Notice of Intent to Merge' Press Release
Member Announcement July 2021
FAQ's:
After extensive discussions, the Board of Directors of Wanigas Credit Union and of Financial Plus Credit Union decided that a merger between the two institutions would improve and increase member benefits to both memberships. The decision to proceed with the merger was the result of extensive assessment and research by each credit union. The Michigan Department of Insurance and Financial Services and the National Credit Union Administration have approved the merger application. The final step for the merger to take place is approval from the Wanigas membership, via a Merger Ballot.
Notice of the Special Meeting of Members and Merger Ballot was mailed to Wanigas members on Monday, May 9, 2022.
The purpose of this meeting is to discuss the benefits and opportunities the merger with Financial Plus Credit Union will bring. It is the recommendation of your Board of Directors that you vote “Yes” on the merger with Financial Plus Credit Union.
You are invited to attend this special meeting on Tuesday, June 28, 2022 at 6:00 PM at the Wanigas Main Office, 1837 Bagley Street, Saginaw, MI 48601.
Upon an affirmative vote by the members of Wanigas Credit Union, the merger will be effective August 1, 2022
- This partnership will create a credit union that offers you even more value than you have today. In planning for the future, both credit unions realized that a combined organization will bring much greater strength and competitive advantages than each could provide on its own.
- Both credit unions have similar histories serving employees in the automotive industry and a continued commitment to a unionized workforce, resulting in a strong synergy between the two organizations.
- The credit unions have complementary geographical footprints. By forming a partnership, members will have access to more branch locations and greater service.
- The merged credit union will blend the vision, people, experience, capabilities, and resources of two strong credit unions, benefiting our members, communities, and employees for the long term.
No, both credit unions continue to achieve growth and success independently. However, the Boards of Directors of both organizations recognize the opportunity of joining together to create a larger institution that can benefit from more efficiencies and resources.
No employees at Wanigas Credit Union or Financial Plus Credit Union would be terminated as a result of the merger. As a larger organization with more complex operations, it is critical that the organization maintain their strong workforce and all employees will continue to work for the combined organization. In fact, this merger would provide multiple benefits and new opportunities for employees of both credit unions.
The branch locations for both credit unions will remain open. Members of the combined organization will now have access to eleven (11) branch locations and multiple ATMs throughout the Saginaw and Flint areas. In addition, the cost savings and efficiencies achieved through this merger will provide more resources for potential future branch locations.
The organization will have a Board of Directors made up of eleven (11) members, with four (4) members from Wanigas Credit Union and seven (7) members from Financial Plus Credit Union to ensure that the combined organization has representation from both organizations and represents the overall membership. In addition, the combined credit union will establish an Emeritus Advisory Board tasked with pursuing charitable endeavors and community involvement on behalf of the credit union and ensuring that the combined credit union maintains extensive involvement in its communities.
In the short term, members of both credit unions would experience no impact to their current accounts or account numbers. We would work to ensure a seamless integration, so you could conduct business as you always have. We would need to eventually convert members from one credit union to the other’s operating system, but this is still under analysis and would not occur until 2023. We will provide additional information about that process once the merger is approved.
The merger would bring you greater value, an increased number and variety of products, and additional convenience including:
Expanded branch network: Members of the combined credit union will have access to eleven (11) branch locations located in Flint, Saginaw, Davison, Grand Blanc, Fenton, Swartz Creek, and Bay City, Michigan.
Improved technology: The combined credit union will be better able to continually invest in the latest technology to make managing your finances convenient and simple.
Greater membership value: The combined deposit and capital base and the economies of scale that would result from this partnership would give us added resources to:
- Offer even greater levels of member service
- Produce a diversification of risk
- Provide new credit union membership opportunities
- Expand our community support programs
- Open branches and additional ATMs in proximity to where members live and/or work
- Offer attractive rates, better accessibility, and lower fees
There will be no effect on membership eligibility and the combined credit union will continue to serve all groups and areas under each credit union’s existing charter. The combined credit union will serve anyone who lives, works, or worships in the State of Michigan.
The merger has been approved by the state and federal regulators. The Wanigas membership will receive ballot materials and can vote via mail or by attending the special meeting on June 28, 2022, at 6pm at the Bagley office. The merger will proceed upon an affirmative vote by the members of Wanigas Credit Union.
Absolutely! The combined credit union would have a strong balance sheet, a full-service product offering, and a loyal member base. The credit union’s net worth ratio far exceeds regulatory requirements and is considered “well capitalized” by its government regulators.
Wholeheartedly! Both Boards are very excited about this partnership and the benefits it will deliver to our members and communities.
Yes, your accounts would remain safe, sound and insured, just as they are today. Your deposits are federally insured through the National Credit Union Share Insurance Fund (NCUSIF), a U.S. Government Agency, for up to $250,000 for regular and IRA deposits.
Financial Plus was founded in 1952 as Chevy-Flint Federal Credit Union serving the employees of Chevrolet Motor Company in Flint. Since then, Financial Plus has made significant strides to build an outstanding workforce that seeks to assist every member with effort and appreciation. At Financial Plus, members can expect to have continual access to a wide range of deposit and loan products through their digital banking platform, seven branch locations, and partnership with CO-OP ATM network that offers nearly 30,000 fee-free ATMs.
Currently, Financial Plus is $830 million in assets and serves 57,800 members throughout Michigan. Membership is open to anyone who lives, works, worships, or attends a college or university in the State of Michigan.
We are here to answer them. If you have any questions about this proposed merger and what it means to you, please visit a branch location, call the credit union or visit this page on our website for new updates.
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