Michigan Giant DFCU Financial Closes On Another Big Merger
DEARBORN, Mich. – Members of MidWest Financial CU overwhelmingly approved the merger of their one-time $200 million credit union into DFCU Financial, Michigan’s largest credit union.
Completion of the deal comes closely on the heels of DFCU’s acquisition of troubled Capital Community FCU, a one-time $320 million based in Lansing, giving it $2.8 billion in assets.
The latest merger gives DFCU, one-time Dearborn FCU, a new foothold into the Ann Arbor and Ypsilanti markets. DFCU, which already serves Henry Ford Health System in Detroit and Oakwood Hospital in Dearborn, will add the University of Michigan Health System through this merger.
DFCU is among the nation’s largest, most well-capitalized credit unions that are being sought out by regulators to acquire troubled credit unions. Michigan is among the states, along with California, Nevada and Florida, where a flurry of deal making is occurring.
MidWest Financial reported losses of $1.1 million for 2008 and of $1.5 million for 2009. Its assets had declined to $180 million at mid year.