- Jim Townsend
PFCU Announces Intent to Merge with SageLink Credit Union
In a press release posted on it’s website, Portland Federal Credit union has announced its intent to merge with SageLink Credit Union. The merger is subject to regulatory approval.
The map above is from the PFCU website, and identifies the locations of both credit unions.
PFCU has posted answers to some frequently asked questions at https://www.pfcu4me.com/our-story/information/merger-information.
The full press release is listed below.
Portland, MI - Portland Federal Credit Union and SageLink Credit Union, jointly announce their intent to merge subject to regulatory and membership approvals. As part of the merger agreement, SageLink Credit Union will merge with Portland Federal Credit Union, who has applied for state charter and will be changing their name to PFCU. The combined credit union will have total assets of $521 Million and 13 branch locations covering the following Michigan counties, Kent, Barry, Ionia, Ingham, Shiawassee and Genesee. This will make PFCU the 27th largest credit union in the state with a combined 46,000 members.
“Helping members is what our credit unions are all about”, said Harvey Hoskins, CEO of Portland Federal Credit Union, “We share similar values and goals with SageLink and through this merger we will be able to provide expanded products and services to our members, along with the same outstanding service they’ve come to expect from us over the past 70 years.”
“PFCU has a strong reputation in business lending to members that will enhance our lending platform and ability,” said SageLink CEO, Anna Willson. “Moreover, the adoption of technologies that SageLink brings in like, Interactive Teller Machines (ITMs) and the combined product mix and support functions from both entities will allow the credit union to be a significant competitor in Michigan for years to come,” She continued.
The existing operating locations will retain their current name and branding, with SageLink Credit Union becoming, ‘SageLink a Division of PFCU’, for an interim time of up to 3 years from date of merger, ultimately becoming PFCU. Portland Federal Credit Union CEO, Harvey Hoskins will remain CEO and Anna Willson, president/CEO of SageLink, will join the PFCU executive team.
In addition to the increase of products and services offered, both parties have expressed their excitement about how this partnership will provide expanded convenience through a network of locations that will now incorporate the I-69 and I-96 corridor. This will allow members face-to-face service opportunities that extend as far East as Flint and as far West as Caledonia, near Grand Rapids.
The intent to merge has been unanimously approved by the board of directors of both credit unions and is expected to be completed at the beginning of the 2018 third quarter, subject to customary closing conditions, including regulatory and membership approvals.
About Portland Federal Credit Union The 70 year old Portland Federal Credit Union was established within the Holly Carburetor Plant in Portland, MI. Today, the credit union is a full‐service financial institution with seven office locations throughout mid/west Michigan, over 29,000 members and $321 million in assets. Harvey Hoskins, the CEO, has served the credit union for 27 years. To find out more, visit our website at www.pfcu4me.com.
About SageLink Credit Union
The 81 year old SageLink Credit Union was established through Shiawassee Teacher’s Credit Union in Corunna, MI. Today, the credit union is a full-service financial institution with 6 locations in Shiawassee and Genesee Counties and over 17,347 members and 200 million in assets. Anna Willson, the CEO, has served the credit union for 36 years. To find out more, visit our website at www.sagelinkcu.com