LAFCU and Lansing Postal Credit Union’s (LPCCU) respective boards of directors have announced their intent to merge the credit unions on or after April 1, pending member approval. The merger has received regulatory approval and will be put to a vote by LPCCU members on March 14.
Incoming LPCCU members would be able to take advantage of LAFCU’s full suite of mortgage products and its financial technology applications, including CyberScout fraud monitoring services, interactive teller machines, Smart Offices and more.
Smith noted that the consolidation of postal services from Lansing to other locations in Michigan has led to a significant decrease in the number of U.S. Postal Service employees at the Collins Road facility.
The combined entity will have almost $670 million in total assets, a membership of approximately 63,000 and 10 branches in Ingham, Clinton, Eaton and Shiawassee counties. LPCCU’s branch at 4600 Collins Road in Lansing would remain open, and no jobs are expected to be lost due to the merger.
Pending approval of the merger, members should experience no interruption in services during the unification. Member deposits would remain protected by the National Credit Union share Insurance Fund, administered by National Credit Union Administration (NCUA).