Sterling Heights and Livonia credit unions plan merger that creates new opportunities for growth
“CVF and Christian Financial have a similar origin story as we were born to meet the needs of everyday people who embraced a common faith and evolved to a more inclusive structure serving all the communities where we operate,” says Patricia Campbell, President and CEO of Christian Financial Credit Union.
What’s happening: A pair of metro Detroit-based credit unions have announced their plans to merge, the execution of which will result in the largest faith-based credit union in the state. The combined credit union will be well-positioned for growth as it has already been approved to expand its membership charter field throughout all of Michigan.
What’s planned: The Sterling Heights-based Christian Financial Credit Union (CFCU) is set to merge with Catholic Vantage Financial (CVF) of Livonia. The deal will maintain the CFCU brand as well as its Sterling Heights headquarters, which was built in 2019, as well as the more than 200 employees from both CFCU and CVF. With preliminary approval granted by both federal and state regulators, the merger will become official following a CVF member vote this May.
What it means: Following the merger, Christian Financial Credit Union will become a $1.02 billion credit union, claiming more than 63,000 members and twelve total branches in metro Detroit. It also expands the credit union’s membership charter field; CFCU currently serves Wayne, Oakland, Macomb, and St. Clair counties, with the merger having received the green light to expand its membership charter field throughout the entire state.
Why it’s important: “CVF and Christian Financial have a similar origin story as we were born to meet the needs of everyday people who embraced a common faith and evolved to a more inclusive structure serving all the communities where we operate,” says Patricia Campbell, President and CEO of Christian Financial Credit Union.
“Together, we can better navigate the challenges facing financial services today and deliver on our promise of Everyday Easy for our members. CVF’s footprint in Western Wayne County compliments our coverage on the east side of metro Detroit. Together, we will be able to deliver convenience to our members and make a larger impact on our communities.”
Got a development news story to share? Email MJ Galbraith here or send him a tweet @mikegalbraith.
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