DEARBORN, Mich. – DFCU Financial, Michigan’s largest credit union with just less than $2 billion in assets, yesterday said it has agreed to acquire CapCom CU, an ailing Lansing-based credit union that had a $2.1 million mid-year loss, after an $8.6 million loss for 2007.
Despite its exposure to the troubled auto industry, DFCU has reported some of the strongest financials in the country over the last two years, allowing it to pay a record $17 million in dividends to members in 2006 and 2007. The credit union giant reported a strong $17.7 million net for mid-year 2008, following a $22.2 million net for 2007.
After completion of the merger, the combined credit unions will use the DFCU name but adopt the state charter of CapCom CU, formerly Capital Communications CU, which has $220 million in assets and serves 40,000 members throughout the Lansing, Grand Rapids and Greenville areas.
DFCU’s Mark Shobe will head the new organization, and CapCom President Renee DeMarco will assume responsibility for DFCU Financial's western Michigan presence as regional president.
The merger will give DFCU more than $2.2 billion in assets and 200,000 members, as well as 21 branches and more than 500 employees.
