GEM Federal Credit Union of Minot, ND would like to announce their merger with Great River Federal Credit Union has been finalized. This is a partnership of two healthy credit unions coming together to bring many new opportunities for our members, employees, and the communities we serve.
GEM Federal Credit Union was chartered in 1940 as Government Employees of the Midwest Federal Credit Union serving government employees in eight counties in North Central North Dakota. GEM is $35 million in assets and serves over 1,860 members at one branch location. Membership is open to anyone that is an employee of federal, state, county, city or SRT in Ward, Bottineau, Renville, Burke, McHenry, Pierce, Mountrail, or McLean counties or an immediate family member of a current GEM member.
Great River Federal Credit Union was charted in 1948 as Machinists Federal Credit Union serving the needs of Franklin Manufacturing employees. GRFCU is now $275 million is assets and serves 16,000 members across seven branch locations. Membership is open to many employee groups in the state of Minnesota and anyone that joins the American Consumer Counsel (at no cost to the member), a non-profit membership organization dedicated to consumer education, advocacy, and financial literacy.
According to Kim Colbenson, President of GEM, “This is truly a partnership that will allow us to grow and offer enhanced technology, business accounts, additional lending opportunities, debit and credit rewards programs, and the list goes on. Some of the changes will increase the productivity behind the scenes and allow our team to dedicate more time to our members. We will continue to operate as GEM FCU, a Division of Great River FCU for a period of time before transitioning fully to the Great River FCU name. We are excited to jump into all the new products that we can offer our members. Every change that we make is with our member in mind.”
The merger will expand the combined credit unions workforce to 70+ employees, over eight branches within two neighboring states plus their online virtual branch. The combined credit union will have a total asset size of nearly $300 million with 18,000+ members. Brant Hicks, President and CEO of Great River Federal Credit Union will be the CEO of the newly merged credit union.
“We are extremely excited to welcome GEM members and team to Great River. Their stories matter! We will do everything we can to learn those stories and try to have a positive impact. As we mold our two cultures together,
I am confident that we will learn each other’s best practices and become stronger than we were individually,” stated Brant Hicks, President/CEO Great River FCU.
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