JACKSON, Mich. – EECU announced yesterday it has agreed to merge with Cascades CU, a $27 million credit union in nearby Michigan Center, to create a $110 million credit union serving almost 20,000 members.
EECU has had some struggles in recent years, reporting a loss of $193,309 as recently as the first half of 2007, before reporting net income of just $2,402 for last year. It had net income of $42,575 and assets of $78 million for the first six months of 2008.
Cascades CU reported net income of $115,420 for the first six months of the year.
Under the merger plan, which must be approved by Cascades’ members, EECU’s Steve Cobb will retain the position of President of the merged credit union and the institution’s name will remain EECU – A Community Credit Union
