DETROIT – Detroit Municipal CU, which lost $4.1 million last year, has been approved by state regulators to convert to a community charter covering four million people in the surrounding counties of Oakland, Wayne and Macomb.
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As part of the makeover, the $350 million credit union is changing its name to Detroit Metropolitan CU.
The credit union did break into the black for the first quarter, to the tune of $218,095, but that was all erased by a $766,567 charge for the corporate credit union bailout.
