Lake Michigan CU Cleared To Acquire Troubled Citizens CU

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LANSING, Mich. – State regulators said Friday they have approved the merger of Citizens CU, a one-time $69 million Kalamazoo credit union, into Lake Michigan CU, a $1.8 billion Grand Rapids-based institution.

Citizens, which reported a loss of $620,000 for 2008 and of $1.9 million for 2009, had a first quarter loss of $150,000 and net worth under 4% as of March 31.

The state’s Office of Financial and Insurance Regulation also approved the mergers of: Michigan Teachers CU, Muskegon, into Community Schools CU, Muskegon, and Otsego Paperworkers CU, Otsego, into Berrien Teachers CU, in St. Joseph.

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