LANSING, Mich. – State regulators reported Friday they have approved three more credit union mergers, including one of a troubled automotive parts credit union.
The Department of Energy, Labor and Economic Growth approved the combination of troubled Monroe Area FCU, formerly Monroe Automotive FCU, a $10 million credit union with losses of $60,000 for 2008 and $103,387 for the first six months of the year, into $130 million Monroe County Community CU.
The state regulator also reported that Mid Michigan Family CU, a one-time $33 million Saginaw credit union that now has $22.5 million in assets and had a mid-year loss of $360,914, has been approved to merge into COPOCO Community CU, a $68 million Bay City credit union.
Also approved was the merger of $2 million Kerr Employees CU, in Romulus, into $115 million Public Service CU, also in Romulus.
