The $704 million, 71,831-member First Community Federal Credit Union in Parchment, Mich., andthe $278 million, 35,370-member E & A Credit Union in Port Huron, Mich., said Tuesday theirboards have agreed to merge to form a new credit union that willoperate under a new name.

Pending member and regulatory approvals, the proposedmerger—expected to be completed sometime later this year—willcreate a credit union ranked in the top 3% in the nation, based onsize, with more than 100,000 members and assets of nearly $1billion, the credit unions said.

The new entity will have more than 375 employees and operate 21branches in Michigan, Illinois and Wisconsin.

Plans call for the new credit union to operate under a new name,which will be announced at a later date. The headquarters willremain in Parchment, a suburb of Kalamazoo, Mich., in south-centralMichigan. Port Huron is northeast of Detroit on the Canadian borderat the southern end of Lake Huron.

FCFCU President/CEO Cheryl DeBoer will assume her leadershiprole in the new credit union and E & A President/CEO JaniceRose will become chief community relationship officer, according toa prepared statement from FCFCU.

There are no anticipated layoffs as a result of this merger, thecredit unions said. All employees of both credit unions areexpected to retain existing or similar positions along withadditional opportunities for advancement. Members willexperience minimal changes to their account and no branch officesare scheduled to close.

“This partnership will allow our credit union to competewith even greater success in the financial services industry,continue to attract new members, offer enhanced services tomembers, and provide employees opportunities for career growth,”DeBoer said.

“The collaboration will provide the capital and human resources,expertise and product range of a much larger organization, whileenhancing our outstanding credit union model as a state-chartered,not-for-profit financial institution,” she said.