Exciting Merger News From

MemberFocus Community Credit Union!


Dear Valued Member:

The Board of Directors of MemberFocus Community Credit Union is excited to announce a proposed merger with LOC Federal Credit Union based in Farmington, pending regulatory approval, final due diligence and an affirmative vote from their membership. The Board of Directors of each credit union has unanimously approved this partnership to create more value on multiple levels for both institutions, who share common roots in the educational communities in which they were originally founded to serve.

While MemberFocus Community Credit Union is financially strong and healthy, the Board of Directors decided to explore a strategic partnership with another strong, like-minded credit union as we look to our next chapter of growth and expansion. Concurrently with this process, MemberFocus Community Credit Union will seek a state-wide field of membership through the Michigan Department of Insurance and Financial Services (DIFS).

This merger allows us to leverage the strengths of each credit union to better serve the members as well as utilize the economies of scale that can be achieved as a larger financial institution. New services will be available to MemberFocus Community Credit Union members as well as more locations to serve you.


Toggle accordion
Additional Details

NameThe combined credit union will be known as LOC Credit Union. Branches in Dearborn will operate as MemberFocus Community Credit Union, a division of LOC Credit Union for the foreseeable future.

Membership: If granted an expansion by DIFS, anyone who lives, works, worships or goes to school in the state of Michigan and their immediate family members would be eligible for membership.

Leadership: LOC’s current President/CEO Stephen Grech will lead the combined credit union along with the senior leadership team of both credit unions.

GovernanceEach credit union’s Board of Directors will continue to serve. In total, there will be fourteen board members. LOC Credit Union Board Chair Michael Lasley will continue to serve as Chair.

Employees: The credit union would continue to provide career opportunities to all employees of both organizations with no job reductions as a result of the merger.

Headquarters: LOC’s existing Farmington office will serve as the surviving credit union’s main office.

Size: The combined credit union would have approximately $445 million in assets and serve more than 33,000 member accounts.

Branches: Eventually, MemberFocus Community Credit Union members will have access to three additional locations in Farmington, Hartland, and Howell.

NCUA Insurance: As a state-chartered credit union, your savings would continue to be federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. Through the National Credit Union Administration, a U.S. Government agency.

About LOC: LOC Federal Credit Union was chartered in 1950 as Farmington Township School Employees Federal Credit Union. They became Livingston Oakland Counties Federal Credit Union in 1975 and later shortened the name to LOC Federal Credit Union in 1989. They obtained a community charter in 2005. Today they serve over 25,000 members and have approximately $300 million in assets.

What are the next steps?

Each credit union will continue the due diligence process while obtaining regulatory approval from both DIFS and NCUA. Once we receive regulatory approval, timelines will be developed to complete the process. We are anticipating the effective date to be no later than July 1, 2022. Your Board of Directors unanimously endorses this merger. Please continue to watch your mail, email and our website for more information about the merger as it becomes available.

Toggle accordion
FAQs

What exactly is being proposed?

Members of LOC Federal Credit Union are being asked to approve a unanimous recommendation by your Board of Directors to merge into MemberFocus Community Credit Union of Dearborn, pending regulatory approval. The combined entity would be named LOC Credit Union and remain headquartered in Farmington. LOC’s current President/CEO would also continue to serve in that role of the combined credit union.

Why is it being proposed that LOC Federal Credit Union merge into MemberFocus Community Credit Union?

LOC’s current federal charter restricts membership eligibility to individuals who live, work, worship, attend school or volunteer in Livingston or Southwest Oakland County, and their immediate family members. MemberFocus Community Credit Union’s state charter provides greater flexibility for expansion which would allow more people to become members of the credit union. It is for this reason it’s being proposed that LOC merge into MemberFocus Community Credit Union. The merger would also provide members with additional branch locations and the increase in size of the combined credit union will allow the credit union to achieve economies of scale that will allow us to provide products and services in a more efficient, economical manner.

Who will be eligible to join the combined credit union?

If granted an expansion by the Michigan Department of Insurance and Financial Services, anyone who lives, works, worships or goes to school in the state of Michigan and their immediate family members would be eligible for membership.

What is the financial condition of both credit unions?

Both credit unions are financially strong and considered well-capitalized by the National Credit Union Administration, our federal regulator.

Why LOC Federal Credit Union?

LOC’s portfolio of products and services are attractive to MemberFocus. They have a proven track record of offering great products at great rates which we think will really benefit our members. They also offer business accounts and services which we currently do not have. Likewise, both credit unions were originally founded to serve the educational communities within their field of memberships.

It’s important to note that both credit unions are on the same core processing system which leads to a more seamless integration and provides economies of scale.

Do MemberFocus Community Credit Union members need to approve the merger?

Because LOC Credit Union would assume the MemberFocus Community Credit Union state charter, our members are not required to approve the merger.

Who would lead the combined credit union?

LOC’s current President/CEO Stephen Grech will serve in that capacity of the combined organization.

How large would the combined credit union be?

The new combined credit union would serve 33,000 plus members with nearly $445 million in assets. Locations would remain in Dearborn (2), Farmington, Hartland and Howell.

What’s the difference between a state charter and a federal charter?

For our members, not much is different. A state charter allows more people to become members and participate in the credit union. Consider your friends, co-workers and family members who are currently not eligible to join and take advantage of all MemberFocus Community Credit Union has to offer. With an expanded state-wide field of membership, they may be more likely to be eligible for membership.

Are my accounts still insured by a federal government agency, the NCUA?

Absolutely. As all state-chartered credit unions in Michigan are required to participate in the National Credit Union Share Insurance Fund, your accounts will remain federally insured.

What will MemberFocus Community Credit Union’s new name be?

The combined credit union will be known as LOC Credit Union. Branches in Dearborn will operate as MemberFocus Community Credit Union, a division of LOC Credit Union for the foreseeable future.

Will employees lose their jobs as a result of this merger?

The combined credit union will continue to provide career opportunities to all employees of both organizations with no job reductions as a result of the merger.

Who would serve on the Board of Directors?

All existing Board members of both credit unions would continue to serve. LOC’s current chairperson would serve in that capacity with the combined credit union.

Will my account number change?

We anticipate there will be no change to your account number(s).

Will I need new checks or a new debit/credit card?

We anticipate you will not need new checks or cards.

Will branches close as a result of this merger?

All locations will remain open. In fact, the merger and expanded state charter could lead to additional locations to better serve members.

When will I be able to use branches in Farmington, Howell, and Hartland?

We are still working on that timeline, but we will be sure to communicate to members when they have access to those branch locations.

When does MemberFocus Community Credit Union anticipate the merger to be effective?

We anticipate the effective date to be no later than July 1, 2022, pending member and regulatory approval.

Toggle accordion

Additional Details:

NameThe combined credit union will be known as LOC Credit Union. Branches in Dearborn will operate as MemberFocus Community Credit Union, a division of LOC Credit Union for the foreseeable future.

Membership: If granted an expansion by DIFS, anyone who lives, works, worships or goes to school in the state of Michigan and their immediate family would be eligible for membership.

Leadership: LOC’s current President/CEO Stephen Grech will lead the combined credit union along with the senior leadership team of both credit unions.

GovernanceEach credit union’s Board of Directors will continue to serve. In total, there will be fourteen board members. LOC Credit Union Board Chair Michael Lasley will continue to serve as chair.

Employees: The credit union would continue to provide career opportunities to all employees of both organizations with no job reductions as a result of the merger.

Headquarters: LOC’s existing Farmington office will serve as the surviving credit union’s main office.

Size: The combined credit union would have approximately $445 million in assets and serve more than 33,000 member accounts.

Branches: Eventually, MemberFocus Community Credit Union members will have access to three additional locations in Farmington, Hartland, and Howell.

NCUA Insurance: As state-chartered credit union, your savings would continue to be federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. Through the National Credit Union Administration, a U.S. Government agency.

About LOC: LOC Federal Credit Union was chartered in 1950 as Farmington Township School Employees Federal Credit Union. They became Livingston Oakland Counties Federal Credit Union in 1975 and later shortened the name to LOC Federal Credit Union in 1989. They obtained a community charter in 2005. Today they serve over 25,000 members and have approximately $300 million in assets.

What are the next steps?

Each credit union will continue the due diligence process while obtaining regulatory approval from both DIFS and NCUA. Once we receive regulatory approval, timelines will be developed to complete the process. We are anticipating the effective date to be no later than July 1, 2022. Your Board of Directors unanimously endorses this merger. Please continue to watch your mail, email and our website for more information about the merger as it becomes available.

Toggle accordion

Toggle accordion

Toggle accordion

Toggle accordion

Toggle accordion

Toggle accordion

Toggle accordion