News
FOR IMMEDIATE RELEASE
CONTACT: Jennifer Addington, Vice President of Marketing and Retail
(800) 648-8035 ext. 24336
Ignite Credit Union Announces Their Plan to Acquire Latvian Heritage Federal Credit Union
BATTLE CREEK, MI (September 10, 2024) – Ignite Credit Union is thrilled to announce our plans to add Latvian Heritage Federal Credit Union (Latvian Heritage FCU) to our Ignite family, pending a membership vote. If approved, we will add 390 new members and $3.1 million in assets.
Latvian Heritage FCU is a full-service financial institution working to meet the needs of the Latvian Heritage community. There are currently two branches located in Detroit, Michigan, and Grand Rapids, Michigan. To become a member of the Latvian Heritage Federal Credit Union, you must be a person of Latvian descent who is a member of an acknowledged Latvian religious organization or a member of a Latvian social organization.
“We are very excited about the possibilities that partnering with Latvian Heritage Federal Credit Union will bring,” said Kristopher Lewis, CEO of Ignite Credit Union. “We are both dedicated to supporting the financial well-being of our members and communities. By joining forces, we can create greater value and opportunities for those we serve.”
“We believe that this partnership will strengthen our mutual commitment to serving our communities and fostering a sense of financial empowerment among our members,” added John Rikans, President and CEO of Latvian Heritage Federal Credit Union. “We are truly excited about the benefits that expanding our resources will bring to our members and communities.”
Representing over $381 million in assets, Ignite Credit Union is a state-chartered, federally insured Credit Union with 3 credit union brands - Allegan Credit Union, Rivertown Credit Union, and BlueOx Credit Union. We believe people deserve a friendly local credit union backed by powerful resources and financial knowledge. This is why we help Michigan credit unions expand access while keeping their local community atmosphere to help shape the future of the industry for good.
FOR IMMEDIATE RELEASE: July 1, 2024
Ignite Credit Union and BlueOx Credit Union Merger Complete
Battle Creek, MI - Ignite Credit Union and BlueOx Credit Union are excited to announce the completion of a merger as of July 1, 2024.
The newly merged organizations serve more than 32,000 members with a branch network of 11 branches throughout Michigan and combined assets of over $376 million.
As of July 1, 2024, the two credit unions begin operating under the unified brand name of Ignite Credit Union, with BlueOx Credit Union becoming a division of Ignite. BlueOx Credit Union’s legal name is now “BlueOx Credit Union, a Division of Ignite Credit Union.” From a member perspective, there will be minimal impact, apart from the combined organization aiming for members to be able to conduct transactions at all 11 branch locations. Both organizations will continue to serve members as usual as they ramp up efforts to fully integrate their systems by late 2024/early 2025.
This model, where each organization maintains its individual name, was established in 2022 when Allegan Credit Union and Rivertown Credit Union merged. This collaborative concept allows the credit unions to ensure their rich histories and legacies continue to be honored.
“I am thrilled to see the overwhelming support from our members for the merger of BlueOx Credit Union and Ignite Credit Union,” said Kristopher Lewis, President/CEO of Ignite Credit Union. “This vote of confidence affirms our vision of creating a stronger financial institution that is better equipped to serve our members and communities while preserving their individual credit union histories. Together, under the unified brand of Ignite Credit Union, we will continue to prioritize innovation, personalized service, and community impact, driving positive change and prosperity for members, employees, and communities."
“We are grateful for the significant vote of confidence from members,” added Steven Cobb, President/CEO of BlueOx Credit Union. “We are excited to join forces to demonstrate our mutual dedication to elevating the financial well-being of our members and communities. By joining forces under the Ignite Credit Union banner, we are poised to deliver even greater value and opportunities for our members while still upholding our commitment to personalized service, community support, and long-term success."
Beginning July 1, 2024, Kristopher Lewis, President/CEO of Ignite, will be the CEO, and Steven Cobb, President/CEO of BlueOx, will be the President of the newly combined organization.
Ignite Credit Union
Ignite Credit Union is the recent culmination of Allegan Credit Union and Rivertown Community Federal Credit Union, two credit unions that formed a partnership to serve their members, employees, and communities more effectively. Both credit unions share blue-collar roots and believed that by joining together, they could do more than either could do alone. Uniquely each credit union has maintained its individual brands under the umbrella credit union created in Ignite.
BlueOx Credit Union
Blue Ox’s story began in 1936 in Battle Creek, Michigan – Inspired by a small handful of educators from the Battle Creek School System. BlueOx’s original field of membership was limited to teachers, principals, supervisors, and superintendents of the Battle Creek School System. Today BlueOx Credit Union’s field of membership is open to the entire state of
Michigan.
Frequently Asked Questions
What Does This Announcement Mean?
This exciting announcement means that BlueOx Credit Union is officially merged with Ignite Credit Union. This merger represents a strategic partnership between two forward-thinking, healthy credit unions for the benefit of members, employees, and the communities we serve.
What Does "Strategic" Merger Mean?
Mergers can be initiated for many reasons. The primary reason for a strategic and/or collaborative merger is to better serve members by providing greater value than we would as separate organizations.
In this case, we are merging two healthy credit unions. The goal of both organizations is to build a combined entity that leverages best practices if/when possible and achieves greater economies of scale to ensure we can continue to offer the best service, products, and technologies to members.
Employees benefit from strategic mergers as well, from professional growth opportunities to establishing best practices, best systems, and best processes that help ensure employees have more resources available to do their jobs.
Why Does the Board of Directors Recommend the Merger?
Although mergers have not been our primary growth strategy, several years ago, we did formalize a merger strategy as part of our overall business plan. A merger between our two organizations provides the opportunity to implement best practices to achieve more positive member, employee, and community impact and value. As a result of this partnership, we have grown our branch network to 11 branches across Michigan. This partnership gives us the ability to be more responsive to members and financial needs in a highly competitive financial services sector that continues to evolve rapidly.
Do Both Credit Unions Support the Merger?
Absolutely. The boards of both credit unions approved the proposed merger unanimously and are very excited about this merger with the growth and benefits it brings to our members, employees, and communities.
What Does This Partnership Do for the Credit Unions?
Overall, our combined assets are more than $376M, serving 32,000+ members with 11 branches in Michigan. With a competitive physical presence and our combined strengths in products, services, and technology offerings, we are able to better serve our members and our communities.
What Are the Advantages of Being a Larger Credit Union?
Becoming a larger credit union provides opportunities to leverage resources and position us for continued growth. In turn, this results in being able to provide even more benefits to members in the form of more product and service access and new and robust technologies and services while continuing BlueOx Credit Union’s ongoing community presence.
Why Was BlueOx Chosen as Our Merger Partner?
We wanted to find a partner that matched our passion, aligned closely with our mission, shares a dedication and loyalty to their membership and the communities they serve, and is similar in employee commitment. Both credit unions share a deep dedication to team members, members, and the communities we serve and share a common vision for the future of the combined credit union. Another amazing benefit of this partnership is that both credit unions are on the same core system, and combining our two organizations will cause minimal to no member disruptions.
Who is BlueOx Credit Union?
BlueOx’s story began in 1936 in Battle Creek, Michigan – inspired by a small handful of
educators from the Battle Creek School System. BlueOx’s original field of membership was
limited to teachers, principals, supervisors, and superintendents of the Battle Creek School
System. Today, BlueOx Credit Union’s field of membership is open to the entire state of
Michigan. To learn more, visit BlueOxCU.org.
What Does This Merger Mean for Members?
The strategic merger between our two organizations provides the opportunity to achieve more positive member impact and value, such as:
More Member Access
A larger branch footprint allows us to have more impact on existing members. But bigger than that, through this partnership, we gain more resources allowing us to serve more members and have a deeper impact in the communities we serve.
Products/Services
As a larger organization, we achieve greater economies of scale, which allows us to offer an even more robust product and service line, reduce costs, and ultimately return more value to members.
More Responsive to Evolving Financial Needs
In a highly competitive financial services industry, combining our strengths allows us to continue to enhance our product, service, and digital banking offerings.
Enhance Electronic Banking Products
This partnership allows us to constantly assess and improve our technology solutions and make sure we’re providing “the best” digital banking solutions we can for members now and into the future.
More Branch Locations
Together, we have 11 branches to serve members.
Same Knowledgeable, Friendly Employees
The same friendly staff at our branches will continue to serve members.
Will My Accounts and Rates Be Affected?
The rates on fixed-rate loans and certificates will remain the same until the end of their existing terms. Other products will adjust as normal due to market conditions.
Will My Account or Routing Number Change?
For now, everything will stay the same. In the event that anything changes, members will be notified ahead of time.
Will My Accounts Continue to Be Federally Insured?
Yes. Rest assured that your savings with the combined credit union will continue to be federally insured by the National Credit Union Share Insurance Fund (NCUSIF). Information regarding NCUA insurance and a calculator to help determine your coverage is available at www.mycreditunion.gov/estimator.
Will You Close Branches?
There are no plans for any branch closures. In fact, this merger provides the opportunity to expand our branch locations and enhance our digital member experience. Ignite branches will not be available to BlueOx Credit Union members immediately. As the merger progresses, we will announce when these locations will be available for members.
Will I Continue to Get the Same Service and Attention?
Yes. Both credit unions are committed to providing high levels of service for members, and this will continue to be a focus for the combined credit union.
Will the Field of Membership Change?
No. Today, both credit unions serve everyone who lives in the state of Michigan. This will remain the same for the combined organization.
Will the Change in the Field of Membership Affect My Membership?
All BlueOx Credit Union members will automatically become members of the combined credit union. Once a member, always a member.
Will Any Employees Lose Their Jobs as a Result of the Merger?
No. Both credit unions recognize the importance of retaining talented and dedicated team members and that a successful merger is dependent on retaining that talent and leadership.
How Will This Merger Benefit the Credit Union Employees?
This partnership provides employees with more career development opportunities and specialization, all while maintaining a positive culture that encourages teamwork and focuses on providing members with top-notch financial products and services.
What is the Credit Union's Legal Name?
Legally, our name remains Ignite Credit Union, and we continue to maintain individual brand names in the combined organization.
Who Leads the Organization?
Kristopher Lewis, President/CEO of Ignite, is the CEO, and Steven Cobb, President/CEO of BlueOx, is the President of the new organization.
Did Blueox Members Vote?
No. The proposed merger requires the approval of a majority of the members of Ignite Credit Union who vote on the proposal. BlueOx members were not required to vote.
What Was the Merger Process?
To complete the merger process, we receive approval from three sources: our boards, our regulators, and Ignite members. In October, the boards of both credit unions unanimously approved and signed a merger agreement, and filed a merger application with regulators for approval, which was required before an Ignite membership vote occurred.
When Was the Merger Complete?
The merger is official as of July 1, 2024 uniting Ignite Credit Union and BlueOx Credit Union as one from a legal standpoint. However, this is not the date on which all the operational processes change. The process of completing system and process integration will extend into late 2024/2025.
Questions?
If you have any questions or concerns that are not addressed in the FAQs above, please feel free to email us at
