GRAND RAPIDS, Mich. – Lake Michigan CU, the state’s third-largest credit union, has agreed to acquire ailing Citizens CU and four Kalamazoo branches.
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The merger, if approved by Citizens CU’s members, would give Lake Michigan five branches in the Kalamazoo area – a market the $1.9 billion credit union entered last year with the opening of a small office.
Kalamazoo-based Citizens CU, which has $62 million in assets, had a $150,000 loss for the first quarter and a $1.9 million loss for 2009, pushing down its net worth to just 3.8%.
Lake Michigan reported a strong $7.9 million net for the first quarter and a $15.7 million net for 2009, even after a $2 million charge for the corporate credit union bailout.
