Members Approve LOC, Advantage One Merger; Combined CU Nears $750M
By CU Today Staff —
FARMINGTON, Mich.— Members of Advantage One Credit Union have overwhelmingly approved the institution's merger with Farmington-based LOC Credit Union, paving the way for the combined organization to become the 36th-largest credit union in Michigan with nearly $750 million in assets and more than 45,000 member accounts, the organizations announced.
The merger is scheduled to become effective May 1, 2027, following systems integration.
The combined institution will operate under the Advantage One Credit Union name while retaining its headquarters in Farmington. It will continue serving members statewide through nine branches located in Brighton, Brownstown, Dearborn (two), Farmington, Hartland, Howell, Southgate and Taylor. The merger vote, held July 15, was certified by Holzman Law PLLC of Southfield.
"On behalf of Advantage One Credit Union, I'd like to thank our members for their vote of confidence on this merger approval as we chart this next phase of our credit union's future," said Advantage One President and CEO Chris Corkery.
Under the transition plan, LOC President and CEO Stephen Grech will lead the combined organization as CEO, with Corkery serving as president until Grech's anticipated retirement, when Corkery will assume the roles of president and CEO.
The merged credit union will retain the senior leadership teams from both organizations and said no employee job reductions are planned as a result of the combination, while also providing expanded career opportunities. Grech said the decision to adopt the Advantage One name was intended to support future growth.
"Given the historic, geographic context of the LOC Credit Union name, leadership felt Advantage One Credit Union would better resonate with consumers as the organization pursues new markets," he said. "We don't want potential members to have to ask, 'What does LOC stand for?'"
Advantage One is based in Morrison, Ill.
Originally reported by CU Today.