Michigan’s American 1 FCU Acquires Troubled Premier Financial CU

Register now

JACKSON, Mich. – American 1 FCU has agreed to acquire Premier Financial CU, a one-time $90 million credit union in nearby Clinton Township.

Premier Financial, now just $455 million, reported a loss of $1.7 million last year and had net worth of just 4% at March 31.

American 1 has $190 million in assets and net worth of 13%.

The merger is pending regulatory approvals.

 

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER