Banking

Honor Credit Union to merge with smaller Michigan CU

Honor Credit Union in Berrien Springs and ATL Federal Credit Union in Wyoming, Michigan, will combine later this year.

Honor has $1.3 billion of assets while ATL has $15 million. The combined organization will have more than 94,000 members and operate 24 branches across southwest Michigan, the greater Kalamazoo and Battle Creek areas, the Upper Peninsula and the greater Grand Rapids area, the institutions said in a press release Thursday.

“Honor and ATL are both committed to their members and their communities. This commitment is only enhanced through our partnership. Honor is humbled to be working with ATL FCU to serve the Wyoming area and beyond as we grow together,” Honor Credit Union CEO Scott McFarland said in the release.

Partnering with Honor will allow ATL to deliver services to its members in 12 to 24 months that were originally a part of its five-to-10-year plan, ATL President and CEO Robert Shane said in the press release.

“Honor and ATL are both committed to their members and their communities. This commitment is only enhanced through our partnership,” said Scott McFarland, CEO of Honor Credit Union.

“Our members will soon benefit from nine new shared branch locations in Greater Grand Rapids, an ATM installation at our 36th Street Branch, business lending, robust mortgage lending services that will meet the needs of our members regardless of where they are in their financial journey and more,” he said.

Honor earned roughly $5.2 million in the first quarter, more than double the $2.5 million it earned a year earlier, according to call report data from the National Credit Union Administration.

ATL earned $21,000 in the first quarter after reporting income of $3,000 a year earlier.



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