Michigan’s American 1 FCU Acquires Troubled Detroit CU

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JACKSON, Mich. – American 1 FCU has agreed to acquire Premier Financial CU, a struggling one-time $88 million credit union in metropolitan Detroit.

Premier Financial, based in Clinton Township, had losses of $1.7 million in both 2009 and 2010, while its net worth has declined to just 4%. The credit union’s assets have declined over the past three years to just $50 million.

Premier Financial serves MichCon and DTE Energy employees. American 1 will keep open its two locations and expand the hours of operation.

 

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