HOUGHTON LAKE- On May 23, the First United Credit Union membership approved a merger with North Central Area Credit Union based in Houghton Lake, Michigan. “We’re thrilled for this opportunity, as North Central is a great match of cultural values, and this allows both credit unions to grow,” said Mark Richter, President/CEO of First United and North Central Area Credit Union.
First United Credit Union will become a part of North Central (NCACU, a division of North Central Area Credit Union). It will offer enhanced financial solutions for members while reinvesting in the communities they serve. North Central has a long history of charitable support and looks forward to working with local causes in Grandville, MI.
The two credit unions began working together in 2021 when North Central sought ways to improve their loan performance and strengthen their portfolio. North Central’s strength was in Savings and First United’s in Lending, so the two were perfect for a joint effort. With a collaborative agreement with the First United Board of Directors, Mark signed on first as a consultant, eventually becoming interim President/CEO. In 2022, North Central officially hired Mark to fill the open President/CEO position vacated by Jacci Pothoof.
The combined organization will operate five branch locations across Northern Michigan, and now Grandville, in the greater Grand Rapids area. Through convenient digital banking solutions, NCACU will continue to serve members throughout the state of Michigan.
The official date of the merger is July 1. This partnership will result in an over 230-million-dollar organization with over 20,000 members.
Find up-to-date information on the merger at ncacu.org.