September 3, 2014
2:57 am

Honor CU Acquires UP Credit Union

"We'll change our name to Honor Credit Union."  With those words CEO Ron Lauren of SIR Credit Union in Michigan's Upper Peninsula announced this week the merger between his $80-million dollar institution and St. Joseph-based Honor Credit Union, a credit union with nearly $470-million dollars in assets.

Lauren also told media members in Marquette that SIR will change over their signs and, "follow their policies and procedures," adding "We've looked at them and they pretty much mirror what we do now."  SIR had been looking for potential partnership opportunities and approached Honor regarding the potential outcome. The resultant merger will also pave the way for the combined institution to serve most of the counties in the Upper Peninsula, affording people from all over the state the opportunity to join.  Lauren indicated plans to expand across the entire northern tier of the state over the next three to five years.  SIR Credit Union currently has three locations in the U.P. at Negaunee, Marquette, and Gwinn.

Scott McFarland, CEO of Honor Credit Union, voiced excitement over, "the benefits to our current members, as well as the opportunity to invest even more in the State of Michigan."  

The merger requires regulatory and member approval to proceed.  The resulting partnership will result in a $550-million dollar organization with more than 51,000 members across the state of Michigan.

Filed Under :
Topics : Labor
Location : MichiganSt. Joseph