A Stronger Future, Together
Advantage One Credit Union’s Board of Directors and Leadership Team are pleased to share an important announcement: we are merging with LOC Credit Union. This partnership brings together two financially strong, community focused credit unions that share the same values, vision, and commitment to the members we serve.
We are here to answer your questions! You can contact us at (734)676-7000.
Why We Support This Merger
Advantage One Credit Union continues to be financially sound and dedicated to serving members with excellence. However, today’s financial landscape is more complex than ever. Technology demands, regulatory requirements, and the need to attract and retain top talent increasingly favor organizations with greater size and scale.
By partnering with LOC Credit Union—a larger, financially strong credit union with a long history of community engagement—we can:
Expand our products and services
Enhance digital banking tools
Increase branch access across a wider geographic area
Strengthen long term stability for generations of members
Both credit unions already share many of the same systems and vendors, meaning members will notice very few changes in how they access their accounts or receive information.
A Partnership Built on Shared Values
This merger is not a takeover—it is a collaboration between two like minded credit unions that put members first. By combining resources, Advantage One will be better positioned to deliver greater value, expanded capabilities, and long term competitiveness.
As part of the merger:
LOC Credit Union will adopt the Advantage One Credit Union name on the merger effective date.
All Advantage One employees will be offered positions within the combined organization.
All Advantage One branches will remain open.
All current Board members have been invited to serve on the combined Board of Directors.
Advantage One’s President/CEO, Christopher Corkery, will serve as President until the retirement of LOC’s CEO on December 31, 2027, at which time Christopher Corkery will become President/CEO of the combined credit union.
Your Vote Matters
Unlike bank mergers that benefit stockholders, credit unions belong to their members. That means this merger cannot move forward without your approval.
Please keep an eye on your mailbox. You will soon be receiving a formal notice of the Special Membership Meeting along with a ballot to cast your vote. Members of both Boards will be available at the meeting to answer questions and discuss the benefits of this partnership. You do not need to attend the meeting to vote. Ballots may be mailed using an enclosed business reply envelope or submitted in person at the meeting.
Thank You for Your Support
We appreciate your continued trust in Advantage One Credit Union and look forward to seeing you at the membership meeting.
Important Merger Information
Advantage One & LOC Merger Basics
What is being proposed?
Members of Advantage One Credit Union are being asked to approve a unanimous recommendation from the Board of Directors to merge with LOC Credit Union, subject to regulatory approval. Upon the effective date of the merger, LOC Credit Union will operate under the Advantage One Credit Union name, with headquarters for the combined organization located in Farmington. To ensure a smooth leadership transition, LOC Credit Union’s current President and Chief Executive Officer, Stephen Grech, will serve as Chief Executive Officer of the combined credit union until January 1, 2028, at which time Advantage One Credit Union’s current Chief Executive Officer, Chris Corkery, will assume the role of President and Chief Executive Officer.
Why merge with LOC Credit Union?
Credit unions merge to become stronger together while staying true to their shared mission of serving members. Often, two credit unions have similar values, like putting members first, supporting their communities, and focusing on long-term stability - and a merger allows them to align those principles on a larger scale. By combining teams, they bring together talent, experience, and ideas that can improve service and innovation. With more resources, the combined credit union can invest in better technology, offer a wider range of products, expand branch and ATM access, and operate more efficiently. For members, this typically means enhanced services, greater convenience, competitive rates and fees, and the confidence that their credit union is well positioned for the future.
When does Advantage One anticipate the merger to be effective?
The planned effective date is May 1, 2027, subject to membership approval and timing of system integrations.
Do Advantage One Credit Union members need to approve the merger?
Yes. Because Advantage One Credit Union would merge into LOC Credit Union’s charter, member approval is required. Eligible members will be given the opportunity to vote on the proposed merger and will receive clear information in advance so they can make an informed decision.
Why will LOC Credit Union change their name to Advantage One Credit Union?
Given the historic, geographic context of the LOC Credit Union name (Livingston Oakland Counties), the Credit Union’s leadership felt Advantage One Credit Union would better resonate with consumers as the organization serves members throughout the State of Michigan. The Advantage One name allows both credit unions to move forward together under a unified identity that supports long-term stability and enhanced member service.
Did Advantage One Credit Union seek out this merger?
Yes, finding suitable merger partners has been a key component of the credit union’s Strategic Plan. The Advantage One Credit Union Board of Directors unanimously approved the decision to merge with LOC Credit Union.
How will members benefit from the merger?
This merger brings together two strong credit unions to create an organization with greater financial strength and efficiency, allowing more resources to be directed toward member needs. Members can expect continued access to familiar services with little to no disruption, thanks to the shared core systems and digital platforms. The combined scale of the organization creates opportunities to enhance products, improve technology, and deliver long-term value while maintaining a high standard of service.
LOC Credit Union and Branch Information
Why LOC Credit Union?
LOC Credit Union is an ideal partner because it supports Advantage One Credit Union’s ability to retain its leadership, Board of Directors, and strategic direction. The close operational alignment between the two organizations, particularly shared systems and technology, allows for a streamlined integration process. By partnering with LOC, Advantage One is positioned to gain efficiencies and scale that strengthen overall operations and support sustainable growth, ultimately benefiting both organizations and their members
The merger will also offer members additional branch locations in Wayne and Livingston County and provides a natural extension to the north of our existing branches.
When will I be able to use the existing LOC branches in Brighton, Dearborn, Farmington, Hartland, and Howell?
LOC Credit Union branches are anticipated to be available for Advantage One members upon the official merger date, expected to be early May of 2027.
What Stays The Same?
Will the credit union still be involved in my local community?
Yes. Advantage One Credit Union remains strongly committed to the communities it serves. Local involvement, through branch presence, community partnerships, sponsorships, and outreach, continues to be a core part of Advantage One’s mission. The merger is designed to strengthen that commitment by providing greater resources and stability, allowing the credit union to continue supporting local organizations, events, and members for the long term.
What branches would close because of this merger?
There is no geographic overlap between the two credit unions’ branch locations, so no closures are planned.
Will branch hours change?
No. Branch operating hours will remain the same, and no changes are planned at this time.
Will employees lose their jobs because of this merger?
The combined credit union will continue to provide career opportunities to all employees of both organizations with no job reductions because of the merger.
Who will serve on the Board of Directors?
All existing Board members of both credit unions have been invited to continue to serve on the Board of Directors of the combined Credit Union.
Who will be eligible to join the combined credit union?
Like today, anyone who lives, works, worships, or goes to school in the State of Michigan and their immediate family will be eligible for membership.
What Changes?
Will my account number change?
No changes to account numbers are anticipated. However, given the two credit unions share the same core processing system, there may be instances of overlap. Both organizations will work to address and minimize any member disruption as part of the merger integration plan.
Will there be changes to rates, fees, or loan terms?
Existing loan terms will remain in place. Any future changes to products or pricing will follow standard communication practices and be shared with members in advance.
Will I need new checks or a new debit/credit card?
No, we do not anticipate Advantage One members to need new checks or debit/credit cards.
What happens after the merger is complete?
After the merger is finalized, members can expect business to continue as usual with the same accounts, services, and access they rely on today. The focus shifts to fully integrating operations behind the scenes while maintaining consistent, high-quality service for members. Over time, the combined organization will look for opportunities to enhance products, services, and technology, all while keeping members informed and ensuring the credit union remains financially strong and member-focused.
Financial FAQ
What are the sizes of the two credit unions?
Advantage One Credit Union serves nearly 18,000 members and holds approximately $250 million in assets, while LOC Credit Union serves about 29,000 members with $467 million in assets. Together, the combined credit union is expected to exceed $750 million in assets and support more than 47,000 members, strengthening its ability to serve communities across Michigan.
What is the financial condition of both credit unions?
Both credit unions are financially strong and considered well-capitalized by the National Credit Union Administration (NCUA) and the Michigan Department of Insurance and Financial Services (DIFS). Each credit union has also earned a five-star rating from BauerFinancial. This is their highest rating a credit union can receive and denotes and highlights that an institution is safe, financially sound, and operates well above its regulatory capital requirements.
If Advantage One Credit Union is financially strong, why merge?
While Advantage One Credit Union is financially strong, the credit union industry is changing rapidly due to technology demands and rising member expectations. A merger allows the credit union to gain efficiency, expand its ability to invest in innovation, and remain competitive in a consolidating market. This positions the organization to better serve members, attract top talent, and deliver long-term value.
Is my money still safe and insured?
Yes. Member deposits will continue to be federally insured by the National Credit Union Administration (NCUA) up to applicable limits. The merger further strengthens the credit union’s overall financial stability.
Letter from CEO and Board Chair
This letter from the CEO and Board Chair is shared to speak openly and sincerely with members about the merger and the future of the credit union they care deeply about. It reflects the thoughtful consideration, responsibility, and respect for members that guided every step of this process. In the letter, leadership explains why this merger is being recommended and how it is intended to protect the credit union’s values, people, and long‑term strength. Members are encouraged to read the letter to hear directly from those entrusted with leading the credit union forward.
Notice of Special Meeting
This Notice of Special Meeting is part of our commitment to keeping members fully informed about a merger involving the credit union. The Special Meeting provides members with the opportunity to understand why we’re merging and have a direct voice through a member vote. The notice explains how the merger was evaluated with members’ best interests in mind and what it means for the future of the credit union. Members are encouraged to review the full notice so they can make a confident, informed decision.