Wanigas and Financial Plus unite for more
Wanigas Credit Union members overwhelmingly approved the merger with Financial Plus Credit Union in Flint, Michigan! The credit unions merged on August 1, 2022.
Wanigas and Financial Plus combined bring 140 years of experience to serve you. Both credit unions have a long history of serving employees of the automotive industry and share a commitment to a unionized workforce. This partnership represents an opportunity to take our shared values and serve our collective membership in bigger and better ways than ever before with increased accessibility, technology and innovative products. The merger with Financial Plus Credit Union will create a combined organization of over $1.2 billion in assets with 11 branch locations to serve you.
How we all benefit:
- Convenience: Members will have access to a total of 11 branches. At our combined size we will 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 have been retained.
- All accounts will transfer to the combined credit union in 2023.
In 2023, there will be a system conversion to consolidate our operations into one system. After the system conversion you will be able to take advantage of additional products and services that Financial Plus offers including fast-fund loans!
We value you as our member and are committed to keeping you up-to-date on the progress of integration as it continues to develop. You will receive more information as we get closer to our 2023 integration date and we will continue to post updates here on our website.
'Members Approve Merger' Press Release
Member Announcement 'Member Vote Results' June 2022
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
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 approved the merger application.
A notice of a Special Meeting of Members and Merger Ballot was mailed to Wanigas members on Monday, May 9, 2022. The purpose of the Special Meeting on June 28, 2022 was to discuss the benefits and opportunities the merger with Financial Plus Credit Union will bring Wanigas members.
Wanigas members overwhelmingly approved the merger by mail-in ballots and in-person votes.
Wanigas Credit Union legally merged into Financial Plus Credit Union on August 1, 2022.
No employees at Wanigas Credit Union or Financial Plus Credit Union will be terminated as a result of the merger. As a larger organization with more complex operations, it is critical that the organization maintain its strong workforce and that all employees continue to work for the combined organization. In fact, this merger will provide multiple benefits and new opportunities for employees of both credit unions.
The branch locations for both credit unions will remain open. Once both credit union systems are combined, members of the combined organization 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 credit union now has 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 will experience no impact to their current accounts or account numbers. We will work to ensure a seamless integration, so you can conduct business as you always have. We will need to eventually convert Wanigas members to Financial Plus’ operating system. This sytem conversion will happen in 2023. We will provide additional information as this timeline gets closer.
The merger will bring our members 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 the member experience 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
The combined credit union will serve anyone who lives, works, or worships in the state of Michigan.
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