After six months in conservatorship, Ukrainian Future CU merges

Six months after being placed into conservatorship, $78 million-asset Ukrainian Future Credit Union in Warren, Mich., has merged into the $486 million Selfreliance Ukrainian American Federal Credit Union of Chicago, effective Friday.

Chartered in 1961, Ukrainian Future CU served members of the Future Ukrainian-American Aid Association of Detroit.

The Michigan Department of Insurance and Financial Services had placed Ukrainian Future CU into conservatorship on February 23 of this year and appointed the National Credit Union Administration as conservator. The two agencies “worked together to address issues affecting the credit union’s safety and soundness, and determined that merging” Ukrainian Future CU into Selfreliance Ukrainian American FCU was in the “best interests” of the members.

Ukrainian Future CU, which had about 3600 members, posted a net loss of $331,342 in the first half of 2018, after recording net income of $636,986 in 2017.

Meanwhile, Selfreliance Ukrainian American FCU posted net income of $1,343,447 342 in the first half of 2018, after recording net income of $2,166,358 in calendar 2017.