LANSING, Mich. – State regulators last week approved the combination of NuUnion CU and Detroit Edison CU to create the state’s fourth-largest credit union with more than $1.5 billion in assets to be known as Lake Trust CU.
Approval of the mega-merger is the latest in Michigan and across the country, creating ever-larger credit unions. It follows closely on the announcement of California’s Addison Avenue FCU and Oregon’s First Tech CU combining create a credit union with almost $5 billion in assets.
William Thiess, president of Detroit Edison CU, which last year absorbed one-time $360 million failure Huron Rivera Area FCU, will be president of the new credit union giant. Stephan Winninger, the head of NuUnion, formerly State Employees CU, will be its CEO.
The new credit union’s combined membership of more than 155,000 and 22 branch locations will operate within a 35-county service area stretching across Michigan.
The deal was approved by the state’s Office of Finance and Insurance Regulation, by NCUA, the Federal Trade Commission and the Department of Justice – which was required to ensure it didn’t violate federal anti-trust laws.
