Michigans American 1 FCU Acquires Troubled Detroit CU
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.