We are extremely pleased and excited to announce the proposition of a merger with neighboring Financial Plus Credit Union (Flint, MI). The Boards of Directors from both credit unions have mutually agreed that this partnership is a terrific opportunity to create more value for our combined membership.
Member Announcement 'Notice of Intent to Merge' Press Release
Here's our reason:
While Wanigas Credit Union is financially strong, the opportunities and efficiencies afforded by merging with a larger organization are undeniable. 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. In addition, 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. Both credit unions are seeking additional member benefit, and we believe a merger will provide that benefit.
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 branch locations will stay open
- All of our wonderful staff will be retained
- All accounts will transfer to the combined credit union
The Board of Directors and Management Teams of both organizations will begin the exploration and integration analysis process. Upon the completion of successful analysis, we will seek regulatory approval and an affirmative membership vote from the members of Wanigas Credit Union before moving forward with the merger.
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. The latest updates will be posted here on our website – or stop by a branch for the latest updates.
If we move forward with the merger after the necessary approvals are in place, rest assured that you will receive the same exemplary service from the same great employees you have come to know from Wanigas Credit Union.
After extensive discussions, the Board of Directors of Wanigas Credit Union and of Financial Plus Credit Union have decided that a merger between the two institutions would improve and increase member benefits to both memberships. The merged credit union would provide greater value in the form of more competitive rates and lower fees, additional convenience with more branch office and ATM locations, and enhanced products and services. Upon the successful completion of an exploration and integration analysis by both credit unions, regulatory approval, and an affirmative vote by the Wanigas membership must be achieved before the merger can proceed.
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.
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.
Yes, 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.
This partnership would 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 would 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 merged credit union would blend the vision, people, experience, capabilities, and resources of two strong credit unions, benefiting our members, communities, and employees for the long term.
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 COOP ATM network that offers nearly 30,000 fee-free ATMs. Currently, Financial Plus is $754 million in assets and serves more than 55,000 members throughout Michigan. Membership is open to anyone who lives, works, worships, or attends a college or university in the State of Michigan.
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
In the short term, members of both credit unions would experience no impact to their accounts or account numbers. We would work to ensure a seamless integration, so you could conduct business as you always have, without any effect on your accounts. 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 sometime in late 2022, following a successful exploration and integration review, regulatory approval, and member approval. We will provide additional information about that process once the merger is approved.
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 organization would 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.
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.
Both credit unions are performing an extensive exploration and integration analysis. Upon the successful completion of the analysis by both credit unions, regulatory approval and an affirmative vote by the members of Wanigas Credit Union must be achieved before the merger can proceed.
Wholeheartedly! Both Boards are very excited about this partnership and the benefits it will deliver to our members and communities.
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.
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 the credit unions’ websites, www.wanigas.com and www.myfpcu.com.
Both Wanigas Credit Union and Financial Plus Credit Union will hold informational meetings to gather member feedback and answer merger related questions in the near future. Meeting schedules will be posted on their respective websites, www.wanigas.com and www.myfpcu.com.
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