New England Federal Credit Union (NEFCU) of Williston has announced its acquisition of Health One Credit Union, a financial institution serving communities in Michigan and Ohio. The acquisition, which was finalized on December 12, makes Health One a division of NEFCU and adds more than 3,000 members and $15 million in assets to Vermont’s largest Credit Union.
NEFCU is one of the state’s leading financial institutions, with more than 91,000 members and over $1 billion in assets. The acquisition of Health One is part of NEFCU’s strategy to expand into new markets that provide opportunities for future growth.
Health One Credit Union serves employees of Blue Cross Blue Shield in Michigan, and Medical Mutual in Ohio, in addition to its community charter. The institution was placed into conservatorship in May 2014 by the Michigan Department of Insurance and Financial Services, which together with the National Credit Union Administration (NCUA), managed Health One prior to the acquisition, according to John Dwyer, President and CEO of NEFCU.
“As a result of NCUA’s intervention, and following a thorough review by our own team, we have found Health One to be a worthwhile addition to NEFCU,” said Dwyer. “In order for us to continue to provide the types of services and technologies that our members have come to expect, it’s important that we look for opportunities for growth that are consistent with our strengths and our strategic goals. Expanding out of state through this acquisition is a sensible approach that will benefit members of both NEFCU and Health One.”
Chartered in 1957, Health One serves employees of the Blue Cross Blue Shield in Michigan as well as persons residing, working, worshipping, volunteering and attending school in the counties of Macomb, Oakland, Washtenaw, and Wayne. Health One also serves employees of Medical Mutual of Ohio in Cleveland, Ohio.Health One members will experience no interruption in services as a result of the acquisition by NEFCU, and their accounts will remain whole.
NEFCU will retain the Health One brand name for convenience and consistency. The institution will be known forthwith as “Health One – A Division of New England Federal Credit Union.”
New England Federal Credit Union (NEFCU), headquartered in Williston, is a member-owned financial institution serving communities in the six counties of northwestern Vermont. With more than 91,000 members and $1 billion in assets, we are the largest Credit Union in Vermont. Anyone who lives, works or attends school in the six counties of northwestern Vermont (Addison, Chittenden, Franklin, Grand Isle, Washington and Lamoille) is eligible for membership.
Source: NEFCU 12.12.2014