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News Now

CU System
Father Kramer CU Lake Trust CU intend to merge
CENTER LINE, Mich. and LANSING, Mich. (7/18/11)--Father Kramer CU, with $7 million assets, Center Line, Mich., and $1.6 billion asset Lake Trust CU, Lansing, Mich., have announced their intention to merge. State and federal regulators--the Office of Finance and Insurance Regulation, the National Credit Union Administration--and Father Kramer CU members still must approve the merger. “We’re able to offer additional value for Father Kramer members and they help to strengthen the cooperative through their participation, which is great for the current Lake Trust membership,” said Lake Trust CEO Stephan L. Winninger. “Over the years it’s become increasingly difficult to manage our credit union in the face of a challenging economy,” said Arnie Lesner, Father Kramer board chairman. “The challenging economy has depressed our earnings, and we’ve continued to see our assets decline, both of which have limited our offerings to our members.” The boards of both credit unions support the merger.


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