YPSILANTI, Mich. – Automotive CU, a Ford employees' credit union that has seen its assets shrink 15% over the past year, has adopted a community charter as a result of its merger with MPG Community CU.
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The new credit union – called Community Driven CU for its heritage – will serve residents of surrounding Washtenaw and Macomb counties.
Continued job loss at Ford prompted Automotive FCU to seek a community charter, but merging with a state-chartered credit union proved to be an easier path than seeking a federal charter expansion, according to officials at Automotive FCU.
The new credit union will have approximately $62 million in assets and 13,000 members.
