DETROIT – Detroit Edison CU announced today it has agreed to combine with NuUnion CU to create the state’s fourth-largest credit union with almost $1.5 billion in assets.
The new credit union will be known as Lake Trust CU and be headed by Stephen Winninger, the president of Lansing-based NuUnion, which has $840 million in assets.
Both credit unions are healthy, even after Detroit Edison absorbed failed Huron Rivera Area FCU last year. Detroit Edison has almost $700 million in assets and reported $1.1 million in net operating income for the first nine months of the year.
NuUnion reported a $2.6 million operating net for the first three quarters.
The merger follows last year’s combinations of USA FCU and T&C CU, crediting a $1.2 billion credit union; of DFCU Financial with troubled Capital Community CU, a one-time $320 million institution, and the merger of Detroit Edison and Huron River Area, a failed one-time $320 million credit union.
