CALEDONIA TWP. — Frankenmuth Credit Union is coming to Shiawassee County, having merged with the much smaller Owosso WBC Federal Credit Union.
Frankenmuth Credit Union joined forces July 31 with WBC Federal Credit Union, founded in 1952 and currently located at 947 Aiken St. in Owosso.
The merged entity, Frankenmuth Credit Union, is planning to build a larger facility at 2267 E. Main St., next to Starbucks and Home Depot. Construction is expected to start later this year and be completed by the end of summer in 2022.
“We are honored to have been asked to merge with Owosso WBC Federal Credit Union,” Frankenmuth Credit Union CEO Vickie Schmitzer said, “and we are excited by the opportunities that lie ahead for the citizens of Owosso with the opening of our new location next summer.”
The new facility will feature drive-thru banking, a secure night drop box, private member services offices, 24/7 ATM banking onsite and more.
A news release from Frankenmuth Credit Union states the new branch will be larger and provide a “more functional” building “for the community of Owosso to conduct their banking activity.”
Frankenmuth Credit Union recently received approval of a special use permit — allowing the construction of the branch — from the Caledonia Township Board, which must also approve a site plan for the new facility before construction can proceed.
WBC Federal Credit Union, a local credit union with about 800 members, holds assets worth about $5.3 million, according to online financial reports.
Frankenmuth Credit Union assets total $989 million, and the company serves nearly 60,000 members in Shiawassee, Saginaw, Tuscola, Genesee, Bay and Huron counties.
Organized in 1964 by employees of the Carling Brewery in Frankenmuth, Frankenmuth Credit Union specializes in financial services for consumers and business, and insurance, trust and investment solutions.
“Frankenmuth Credit Union is excited to welcome the members and staff from Owosso WBC Federal Credit Union to our Frankenmuth Credit Union family,” Frankenmuth Credit Union’s Facebook page stated Aug. 9 just after the merger. “This merger gives the Owosso WBC members a larger array of financial options and gives Frankenmuth Credit Union members a new Owosso location to bank at.”
Frankenmuth Credit Union was named Best Credit Union in Michigan by Forbes Magazine in 2020.
The honor was based on a survey completed by 25,000 people in the U.S. asking about their overall recommendations and satisfaction. Only 3.5 percent of all credit unions nationally made the list and Frankenmuth came in with the top overall score, 96.2 percent.