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Powered by MX's digital money management (DMM), which collects and enriches data and then presents guiding insights that help members take smart financial action, LMCU's Budget Tool allows members to aggregate their accounts from other financial institutions -- giving them a clear view of all their finances in one place, in a dynamic, visual format.
LMCU has agreed to pay a 7% deposit premium, or approximately $2.45 million.
LMCU would not say when the investigation would be completed.
LMCU was selected as the site for this study because of the strength and number of STEM programs offered and the institution's high completion rate compared to other colleges and universities in the state.
The LMCU gives people access to great value financial services including a Cash ISA that pays 3% AER and an alternative 'payday' loan product that costs a fraction of the rate of commercial providers.
LMCU did not disclose financial terms of the bank acquisition.
Prior to joining LMCU, O'Rourke served as a CEO of an international manufacturing company with 700 employees.
However, on Friday, both credit unions called off the pending consolidation, which would have made LMCU the largest cooperative in the Great Lakes state and one of the top 20 credit unions by assets and members in the nation.
"Both the UFCU board and LMCU board were unanimous in their approval of this merger.
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