Lake Michigan Credit Union and United Federal Credit Union have called off their proposed merger, the companies announced in a joint statement released Friday.

The decision was made mutually, the release said, because both sides determined

they are better served by remaining independent in order to deliver the utmost value to their members.

“This was the case of two strong organizations coming together, and in the end we both believed our best path forward was to be independent,” said Gary Easterling, president and CEO of UFCU. “We gained valuable insight and have great takeaways from the process, and we look forward to continuing to put our members first as we always have.”