Partnership with Bloom Credit Union
West Michigan Credit Union is excited to announce plans to merge with Bloom Credit Union. This is a proposed strategic partnership between two similar size, financially healthy Grand Rapids based credit unions. We believe this partnership will benefit our members, employees, and the communities we serve.
The Board of Directors of both credit unions voted in favor of the merger and the merger has received regulatory approval. Bloom Credit Union members must still vote on the merger proposal on January 7 at Bloom's Wyoming branch. If approved, it is anticipated the merger's legal effective date would be April 1, 2025.
If approved by the members of Bloom Credit Union, Bloom's current CEO, Joe Heintskill, will become CEO of the new organization. William Keim, the current CEO of West Michigan Credit Union, will be President of the combined organization.
Both organizations will continue to serve members as they are now, keeping their individual names. West Michigan Credit Union will become "West Michigan Credit Union, a division of WMCU" and Bloom Credit Union will become “Bloom Credit Union, a division of WMCU.”
The combined credit union would employ 125 people and serve approximately 34,000 members with 11 branches throughout the area, providing easier in-person access to our services in a much broader geographic area. No employees at either West Michigan Credit Union or Bloom Credit Union will lose their jobs. Our members will continue to see the same familiar faces at their local branch.
Together, we will help you bloom financially, now with deeper roots in the community and even greater opportunities for growth.
Frequently Asked Questions
Who is Bloom Credit Union?
Bloom Credit Union is a not-for-profit financial institution that has been serving West Michigan families for over 70 years! They are a local, member-owned and operated credit union, providing a full range of financial services. Bloom Credit Union has strong roots to the community and a passion for improving our environment. Like West Michigan Credit Union, Bloom Credit Union's main goal is to help you thrive financially.
Do Both Credit Unions Support the Merger?
Absolutely. The boards of both credit unions unanimously approved the proposed merger and the executive management teams are excited about the growth and benefits it brings to our members, employees, and communities. It creates an even stronger institution that is positioned well to serve our members in the future. We are excited to begin the process of joining forces, while continuing to do what we are both most passionate about, helping our members' financial lives be simply better.
What Would This Partnership Do for the Credit Union?
Overall, our combined assets would be more than $450 million, serving about 34,000 members with eleven branches in Michigan. This broader, more competitive branch network, combined with each credit union’s strengths in products, services, and technology offerings, would allow us to better serve our members’ needs across a wider area.
What Are the Advantages of Being a Larger Credit Union?
Becoming a larger credit union would provide opportunities to leverage resources, talent, increase efficiencies and position us for continued growth. In turn, this would allow us to invest more in new technologies and services.
Would My Accounts and Rates Be Affected?
The rates on any of your fixed-rate loans and certificates would remain the same until the end of their existing terms. Other products would adjust as normal due to market conditions.
Would You Close Branches?
There are no plans for any branch closures. In fact, this merger would expand our branch locations as we continue to work on improving your digital member experience. Together, the new organization would have eleven branches in Michigan, providing more convenient access options for members. Bloom Credit Union has two branches located in Grand Rapids plus one in Wyoming, Georgetown and Coopersville.
Working together as the most trusted resource to help our members' financial lives be simply better.