JOINT NEWS RELEASE
CHIPPEWA COUNTY CREDIT UNION AND
FEDERAL EMPLOYEES OF CHIPPEWA COUNTY CREDIT UNION
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Chippewa County Credit Union (CCCU) and Federal Employees of Chippewa County Credit Union (FECCCU) are excited to announce they have been working together to add value to their staff, members, and community with a proposed merger with U.P. State Credit Union, based in Escanaba, MI pending regulatory approval, final due diligence and an affirmative vote from their membership.
While both Credit Unions are financially strong and healthy, it made sense to explore a strategic partnership with U.P. State Credit Union to provide more value in products and services to our members, expand community involvement, increase branch locations, and offer greater employee career growth opportunities, training resources, and a competitive employee benefits package.
This merger allows CCCU and FECCCU to retain its leadership team and strategic goals while leveraging U.P. State Credit Union’s financial strength and the economies of scale that can be achieved as a larger financial institution.
Chippewa County Credit Union has been managed by Connie Toensing for the past 25 years and Federal Employees of Chippewa County Credit Union has been managed by Sabrina Oshelski for the past 20 years. Both Toensing and Oshelski indicated the decision to merge was bittersweet.
After several months of planning and meeting with potential merger partners, one meeting with U.P. State Credit Union and it all made sense. U.P. State Credit Union feels like home; safe and secure.
“It’s like when you cross the bridge heading North after being downstate for a weekend or just even a day.”
When looking for a merger partner, both Toensing and Oshelski emphasized the importance of finding a partner that wasn’t a corporate-run institution, allowing for local decision-making.
“We want to bring members the best value from their credit union while ensuring we continue to grow and thrive.”
Partnering with another established credit union will significantly increase operating efficiencies so we will have the resources to deliver much more to our members with the same personalized service we have always provided.
Toensing and Oshelski are excited to continue their leadership roles while working together with U.P. State Credit Union’s leadership team, Raymond Theoret, Chief Executive Officer and Darcy McLean, Chief Operating Officer.
“This partnership represents an opportunity to take our shared values and serve our membership in bigger and better ways than ever before.”
Each Credit Union will continue the due diligence process while obtaining regulatory approval from Department of Insurance and Financial Services and the National Credit Union Administration.
Once we have regulatory approval, a merger packet and ballot will be mailed to all members in good standing. A special meeting of CCCU and FECCCU membership will also be called to consider the merger plan and provide an open forum to address questions and comments from the membership.
Please watch your mail and email for more information about the merger as it becomes available.
Sincerely, Thomas T. Luoma; President of CCCU and Kali Perron; Chairperson of FECCCU On behalf of the entire Board of Directors
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