LANSING, Mich. – State regulators reported yesterday they have approved the merger of DFCU Financial FCU, the state’s largest credit union, with Capital Communications CU, the one-time $275 million credit union that reported losses of $11 million over the last six quarters.
The plan calls for DFCU to adopt the state charter of CapCom, which will give the $2 billion credit union a broader field of membership. DFCU had first half net income of $17.8 million.
The state regulator also said it approved the merger of Security FCU, the $275 million Flint credit union that reported $184,000 in first-half losses, into Lapeer County Community CU, a $77 million credit union with a loss of $54,643 for the first half.
Also being merged out is Auto Body Workers CU, a $1.2 million Ionia credit union with a $58,000 loss for 2007 and a $10,100 loss for 2008, into Auto Body CU, a $150 million Lansing credit union with an $84,418 first half loss.
