DEARBORN, Mich. – State regulators reported yesterday they have approved two mergers and received applications for two more of ailing credit unions, including Rouge Employees CU, the credit union for employees at Ford’s famous River Rouge manufacturing plant.
Rouge Employees CU, which had a $714,256 year-to-date loss, has applied to merge into Michigan First CU, the $482 million Lathrup Village credit union, according to the Office of Financial and Insurance Regulation. The auto workers credit unions has reported losses for more than 20 straight quarters and has seen it assets halved to less than $25 million, from almost $50 million over the past four years.
Also, Priority Community CU, a $65 million Detroit credit union with a $585,551 loss through the first three quarters, has applied to merge with Co-Op Services CU, the $300 million Livonia credit union. Priority Community has seen its assets dwindle from almost $74 million at the end of 2007 to $65 million at Sept. 30.
The state regulator has also approved the merger of United Christian Community CU, a $25 million Troy credit union with $589,153 in losses through the first three quarters, into Cornerstone Community Financial CU, a $166 million Auburn Hills, institution; and of K&E FCU, an $11 million Jackson credit union with a three-quarter loss of $35,072, into Consumers Professional CU, a $59 million Lansing institution.
