Monroe Community brings deposits that cost 0.85% and a loan book charging off 0.12% a year. Financial Plus brings the loan demand and the statewide branch network. The combination would hold $2.1 billion in assets and 113,902 members under the Financial Plus charter.
The deal
Financial Plus Credit Union and Monroe Community Credit Union announced their intent to merge on October 27, 2026.1 Financial Plus, a $1.7 billion credit union based in Flint, Michigan, would continue as the surviving charter. Monroe Community, a $406 million credit union based in Monroe, Michigan, would merge into Financial Plus.
According to the joint FAQ, the merger requires regulatory approval and a vote of Monroe Community’s members.23 The parties describe an agreement to pursue a merger, and no vote date or closing date has been published. The joint announcement quotes the president and CEO of each credit union. The executive structure of the combined credit union has not been published.
CUCollaborate classifies a combination by the smaller party’s assets as a share of the larger party’s. Monroe Community’s $406.4 million is 24.3% of Financial Plus’s $1.67 billion, which places this deal in the band CUCollaborate calls an absorption. Deals at 70% or above are classed as mergers of equals, and those between 30% and 70% as mergers of similars. The bands are CUCollaborate’s own, not an industry standard.
At a glance
Figure 1: Financial Plus Credit Union and Monroe Community Credit Union at a glance, June 30, 2026 unless noted
| Financial Plus Credit Union | Monroe Community Credit Union | Combined | |
|---|---|---|---|
| Scale | |||
| HQ / charter / field of membership type | Flint, MI; Michigan state charter; statewide community | Monroe, MI; Michigan state charter; statewide community plus three Ohio counties | Financial Plus charter |
| Total assets | $1.67B | $406.4M | $2.08B |
| Members | 81,851 | 32,051 | 113,902 |
| Branches / employees (FT, PT) | 14 / 310, 3 | 6 / 68, 7 | 20 / 378, 10 |
| Asset growth, 12 months | 10.33% | 4.19% | 9.07% |
| Capital | |||
| Net worth ratio | 11.71% | 11.43% | 11.65% |
| Earnings | |||
| Return on assets, trailing 12 months | 1.07% | 1.63% | 1.18% |
| Operating expense / average assets, trailing 12 months | 3.70% | 3.61% | 3.68% |
| Funding and liquidity | |||
| Loan-to-share | 89.56% | 77.79% | 87.13% |
| Cost of funds, trailing 12 months | 1.79% | 0.85% | 1.60% |
| Credit | |||
| Allowance to loans | 1.62% | 0.70% | 1.45% |
| Indirect loans / total loans | 28.83% | 45.60% | 31.93% |
Source: NCUA Form 5300 call reports, June 30, 2026, unless noted. Trailing 12 months covers July 2025 through June 2026. Combined figures are simple sums or ratios recomputed on combined balances, before merger accounting adjustments.
What the parties say
Both credit unions frame the combination around growth. According to the joint release, the merger would pair Monroe Community’s local service with Financial Plus’s wider products, statewide branch network, and digital banking.1 Both FAQs list more branch access, expanded products, greater lending capacity, and continued technology investment as member benefits.23
Both credit unions describe themselves as financially strong and well capitalized. According to the FAQs, the merger reflects growth and opportunity rather than necessity.
The parties have made three operating commitments. All 20 locations would stay open. All employees of both credit unions would be retained. The combined board would include representatives from both credit unions, although the FAQs do not say in what proportion.
What the data shows
Funding. The two balance sheets fund their lending in different ways. Financial Plus lends 89.56% of its shares and carries $100 million in borrowings, while Monroe Community lends 77.79% of its shares with no borrowings. Monroe Community also pays less for its funding, with a cost of funds over the past four quarters of 0.85%, compared with 1.79% at Financial Plus. The merger would pair Monroe Community’s lower-cost deposits with Financial Plus’s loan demand.
Earnings and credit. Monroe Community posted the higher return on assets over the past four quarters, at 1.63% compared with 1.07% at Financial Plus. Monroe Community’s net worth ratio rose from 10.25% to 11.43% over the year ended June 30, 2026. Financial Plus’s ratio moved from 11.87% to 11.71% as its assets grew 10.33%.
Indirect loans made through auto dealers account for 45.60% of Monroe Community’s loans, compared with 28.83% at Financial Plus. Loans 60 or more days delinquent equal 0.10% of loans at Monroe Community, compared with 0.27% at Financial Plus. Annualized net charge-offs for the first half of 2026 were 0.12% at Monroe Community and 0.69% at Financial Plus. Allowances follow the same pattern, at 0.70% and 1.62% of loans.
Footprint and cost. The two credit unions do not share a market. Financial Plus’s offices are in Genesee, Saginaw, and Bay counties. Monroe Community’s six offices are all in Monroe County, about 55 miles from the nearest Financial Plus office. Any savings would come from back-office systems, technology, and vendors rather than branch closings. Monroe Community already runs at a slightly lower operating cost, at 3.61% of average assets over the past four quarters, compared with 3.70% at Financial Plus. On this measure, the call report data shows no immediate operating cost saving for Monroe Community’s members.
Both fields of membership cover all of Michigan. Monroe Community’s charter also reaches Lucas, Wood, and Fulton counties in Ohio. The FAQs state that existing membership eligibility will not be disrupted. Neither FAQ says whether the Ohio counties will carry over to the Financial Plus charter.
Disclosure status
Figure 2: What the announcement and FAQs disclose, and what they do not
| Element | Status | What the record shows |
|---|---|---|
| Surviving charter and legal name | Disclosed | Financial Plus Credit Union |
| CEO and president roles | Not yet disclosed | Not stated. The executive structure of the combined credit union has not been published. |
| Board seat split | Not yet disclosed | FAQs state both credit unions will be represented |
| Headquarters | Not yet disclosed | Not stated in the announcement or either FAQ. |
| Executive team beyond CEO and president | Not yet disclosed | Not stated in the announcement or either FAQ. |
| Employee retention commitments | Disclosed | All employees of both credit unions retained |
| Branch changes | Disclosed | All 20 locations stay open |
| Systems conversion | Not yet disclosed | Not stated in the announcement or either FAQ. |
| Changes to dividends, rates, or fees | Not yet disclosed | Monroe Community FAQ says nothing changes right away |
| Merger-related compensation | Not yet disclosed | Not stated. Part 708b requires disclosure in the member notice. |
| Member vote date and outcome | Not yet disclosed | No vote date published. Only Monroe Community members vote. |
| Expected legal closing | Not yet disclosed | Release says details will follow in the coming months |
Source: Financial Plus Credit Union and Monroe Community Credit Union joint announcement, October 27, 2026; the FPCU and MCCU merger FAQs; 12 CFR Part 708b.
Regulatory path and what’s next
Two regulators review the deal. Because both are Michigan state charters, the merger needs approval from the Michigan Department of Insurance and Financial Services (DIFS). NCUA must also review the merger because both credit unions are federally insured, under its merger rule, 12 CFR Part 708b.7
Michigan law allows credit unions with different fields of membership to merge, so the treatment of the Ohio counties is a term of the merger plan that DIFS reviews.8 Ohio law separately requires a credit union chartered in another state to obtain a license from Ohio’s Superintendent of Credit Unions before it transacts business in Ohio.9 The public record does not say whether Monroe Community’s filing would be grandfathered as a part of this merger.
Only Monroe Community’s members vote, because Monroe Community is the credit union merging into Financial Plus. The next public document is the notice of special meeting that Monroe Community will send its members. That notice is expected to describe the merger terms and disclose any merger-related compensation covered by the rule. NCUA also posts merger notices on its website, where members can submit comments.
How CUCollaborate can help
Our Merger Member Benefit analysis prices every account on both credit unions’ rate and fee schedules. If your board is weighing a merger or preparing its member notice, book 30 minutes with our team.
Sources
- Financial Plus Credit Union and Monroe Community Credit Union Announce Intent to Merge, October 27, 2026.
- Financial Plus Credit Union, FPCU + MCCU merger page and FAQ.
- Monroe Community Credit Union, Possibilities Begin Here merger page and FAQ.
- NCUA Form 5300 call report data, June 30, 2026, December 31, 2025, and June 30, 2025 cycles, via NCUA’s Research a Credit Union and Credit Union and Corporate Call Report Data pages.
- Financial Plus Credit Union, hours and locations.
- Monroe Community Credit Union, locations and hours.
- 12 CFR Part 708b, NCUA’s merger rule for federally insured credit unions, including the member-notice disclosure of merger-related financial arrangements (§ 708b.106).
- Michigan Credit Union Act, MCL 490.371, mergers.
- Ohio Revised Code 1733.39, requirements for doing business.
Data notes. Call reports are the source of record. The release states Financial Plus at over $1.7 billion and 83,000 members, and Monroe Community at over $410 million and 32,000 members. The June 30, 2026 call reports show $1,669,995,828 and 81,851 members at Financial Plus, and $406,436,728 and 32,051 members at Monroe Community. Financial Plus’s call report lists 14 branches, and its online locator lists 13 offices. Monroe Community’s call report and locator each list six offices, including a Winchester branch the locator marks as under construction. The release counts 20 combined locations. Return on assets, trailing 12 months: net income for July 2025 through June 2026 (full-year 2025 less first half 2025, plus first half 2026) divided by the mean of June 30, 2025 and June 30, 2026 total assets. Cost of funds: trailing 12-month dividend and interest expense on shares plus interest on borrowed money, divided by the mean of June 30, 2025 and June 30, 2026 shares plus borrowings. Operating expense ratio: trailing 12-month non-interest expense divided by the mean of the same two dates’ total assets. Trailing 12-month figures equal full-year 2025 less the first half of 2025, plus the first half of 2026. Allowance to loans uses the CECL allowance for credit losses on loans and leases. Asset growth compares June 30, 2026 with June 30, 2025. Delinquency counts loans 60 or more days past due as of June 30, 2026. Net charge-offs are first-half 2026 charge-offs less recoveries, doubled, divided by the mean of December 31, 2025 and June 30, 2026 total loans. Combined figures are simple sums or ratios recomputed on combined balances, before merger accounting adjustments. Operating expense comparison: applying Financial Plus’s 3.70% trailing ratio to Monroe Community’s average assets of $398,262,823 gives $14,736,000, above Monroe Community’s actual trailing operating expense of $14,381,743.
