Michigans Lake Trust CU Acquires Troubled Father Kramer CU
LANSING, Mich. – Lake Trust CU announced Friday it is merging into it Father Kramer CU, a one-time $10 million Center Line, Mich., credit union that has been in the red the past three years.
“Over the years it’s become increasingly difficult to manage our credit union in the face of this challenging economy,” said Arnie Lesner, chairman of the Father Kramer board. “The challenging economy has depressed our earnings, and we’ve continued to see our assets decline, both of which have limited our offerings to our members.”
Father Kramer, chartered in 1949, reported a $100,000 loss for 2010 and it assets have declined to approximately $7 million.
Lake Trust is Michigan’s fourth-largest credit union with more than $1.6 billion in assets and 21 branches.