Frequently Asked Questions

What does this announcement mean?
COPOCO CCU and ELGA CU have applied to their regulators to merge into one credit union. The merger requires approval of the NCUA, Michigan Department of Insurance and Financial Services, and members of COPOCO CU.

Why does the Board of Directors Recommend the Merger?
The merger provides an opportunity to increase the value to our members, associates, and the communities we serve. It will allow us to be more competitive with the products and services we provide and establish a strong base for future growth.

What will our combined Credit Union be?
The combined credit union will be more than 107,000 members strong with 16 branch locations to serve members. Our total assets are anticipated to be $1.7 Billion. We will operate as ELGA Credit Union and have a field of membership open to anyone that lives, works, worships or attends school within the State of Michigan.

What are the Advantages to Being a Larger Credit Union?
Becoming a larger credit union will allow us to provide additional products and services to our members, invest in new and robust technologies, and expand our presence in the community.

Why was ELGA CU chosen as Our Merger Partner?
ELGA CU has a very similar history to COPOCO. We were both founded in 1951 to serve Consumers Power Company employees. We have both grown to serve our local communities and retained our heritage with names that pay homage to our beginnings. ELGA CU shares a strong commitment to the associates that serve our members, the membership, and the community.

When will the Merger Take Place?
The merger requires approval of our regulators. Once that is received, we will provide notice to the membership of a vote on the merger. We anticipate that the regulatory approval and member vote can be completed before July 1st.

Please check back for more information. We will be adding more Frequently Asked Questions and sharing our progress at www.COPOCO.org