DEARBORN, Mich. - State regulators have approved two mergers and received applications for two more of ailing credit unions, including Rouge Employees CU, the credit union for employees at Ford's famous River Rouge manufacturing plant.
Rouge Employees CU, which had a $714,256 year-to-date loss, has applied to merge into Michigan First CU, the $482-million Lathrup Village CU, according to the Office of Financial and Insurance Regulation. The auto workers CUs has reported losses for more than 20 straight quarters and has seen it assets halved to less than $25 million, from almost $50 million over the past four years.
Also, Priority Community CU, a $65-million Detroit CU with a $585,551 loss through the first three quarters, has applied to merge with $300-million Co-Op Services CU, Livonia. Priority Community has seen its assets dwindle from almost $74 million at the end of 2007 to $65 million at Sept. 30.
Other mergers approved: United Christian Community CU, a $25 million Troy CU with $589,153 in losses through the first three quarters, into Cornerstone Community Financial CU, a $166-million Auburn Hills, institution; K&E FCU, an $11-million Jackson CU with a three-quarter loss of $35,072, into $59-million Consumers Professional CU, Lansing.
