After Huron River, Detroit Edison Eyes Big Expansion
DETROIT -- With the failed $250 million Huron River Area Credit Union now under its belt, the $700 million Detroit Edison Credit Union looks to a strategic expansion of eight Michigan counties plus an eventual name change, its President William Thiess said Tuesday.
"So far the purchase is going very well and our plans definitely call for more branches in eight counties which includes those served by Huron River," said Thiess adding the job right now is to manage two separate processing systems for DECU and the seven Huron River branches which serve 39,000 members.
Under NCUA's purchase-assumption deal, Detroit Edison was the highest bidder among eight "invited Michigan credit unions" for the good assets of Huron River which has since been renamed Huron River Financial, a division of DECU.
For more than a year, the single sponsor DECU has eyed a possible merger and even had considered Huron River as a partner before its serious problems became known early this year, said Thiess adding "we had no idea of their problems at the time." For now conditions are fortunate for DECU, now ninth largest, to grow with combined membership of 66,000.