PARCHMENT, Mich. – State regulators on Wednesday reported they have approved the merger of troubled Education First CU into First Community FCU, creating one of the region’s biggest credit unions with almost $500 million in assets.
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Education First, which had as much as $75 million in assets two years ago, has seen its assets decline to $60 million amid losses of $1.1 million for 2008 and of $1.3 million for 2009.
First Community reported net income of $2.6 million for 2009, even after a $2.2 million charge for the corporate credit union bailout.
