Michigan’s New Credit Union Powerhouse Emerges: ELGA + COPOCO Unite

Two mid‑century CUs join forces to serve 108,000 members and manage $1.7 billion in assets—together

In Michigan, two credit unions founded in 1951 are consolidating into a modern finance powerhouse. As of August 1, 2025, ELGA Credit Union and COPOCO Community Credit Union have officially merged to form a single institution boasting 108,000 members, 16 branches statewide, over 300 staff, and $1.7 billion in combined assets. Full system integration is expected by spring 2026, creating a locally rooted cooperative with scale and strategy to match.

Why This Merger Matters

This merger isn’t a cookie-cutter consolidation—it’s a strategic alliance rooted in shared heritage and member-centric mission. ELGA (Electric and Gas) in Grand Blanc and COPOCO (Consumers Power Company origins) in Bay City have long operated as community pillars serving power company employees and their families. Now they’re uniting to amplify—and modernize—the cooperative charter they both share.

A Vote of Confidence from the Start

Member approval came overwhelmingly via mail-in ballots and in-person votes during a special meeting on July 21. That wide endorsement reflects not just satisfaction, but trust in the board-guided decision to merge. As COPOCO’s Board Chair Meri Sue Engers stated:

“This merger allows us to bring even more value to our members through expanded services and continued personalized care.”

ELGA President/CEO Terry Katzur added:

“Together, we will create greater access to innovative financial solutions, enhanced technology, and expanded services—empowering more individuals and families across Michigan to achieve financial success.”

Numbers That Speak

With $1.7 billion in assets and a member base exceeding 108,000, the new entity joins Michigan’s upper tier of credit unions by scale. The integration yields:

Deepened financial infrastructure
Broader service coverage across Metro and Northern Michigan
Operational efficiency from shared systems and expertise

State-chartered and NCUA-insured, the merged institution preserves both cooperatives’ mission while elevating delivery capacity. Local presence remains intact: 16 branch locations and over 300 Michigan-based employees continue serving communities with personalized access.

Strategic Opportunity in Cooperative Form

This merger comes at a time when credit unions nationwide grapple with fintech competition, regulatory pressure, and member expectations. Jointly, ELGA and COPOCO position themselves to:

Adopt digital platforms faster
Leverage scale for better vendor pricing
Share operational costs while expanding member education and financial wellness efforts

In effect, two smaller cooperatives become a singular, resilient institution—equipped to lead in lending, innovation, and inclusion in Michigan.

Final Word: Power Through Unity

Credit unions are at their strongest when they combine purpose with scale. ELGA and COPOCO’s merger is a case in point. Built on shared history, member trust, and cooperative values, their united institution signals a strategic commitment: to grow, but grow in alignment with mission.

In Michigan, where local identity matters as much as financial access, this is a credit union merger done right—leader-by-leader, branch-by-branch, member by member.

Expect to see this new entity leading in digital innovation, community impact, and credit union performance statewide.