DEARBORN, Mich.-Regulators took over Rouge Employees CU, the credit union serving employees of Ford's famed Rouge River auto plant, and merged the remnants of the failed credit union into Chief Financial FCU, the Pontiac-based auto workers credit union.
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Rouge Employees has been on a steady decline for the past three years, with assets dwindling from $50 million to less than $23 million, and losses of $1.2 million in 2008 and $836,244 for the first quarter of 2009. It has negative equity of more than $534,000.
Rouge Employees is the fifth CU failure of the year and the state's first since Huron River Area CU of Ann Arbor in November 2007.
