Two Mergers on Tap in Michigan
Michigan regulators have two merger applications pending this month, one being the largest in years, a $1.4 billion consolidation of NuUnion CU of Lansing and Detroit Edison CU of Plymouth and the other a regional compact involving a troubled Detroit CU.
Members of NuUnion are slated to vote on the NuUnion/Detroit Edison merger on Wednesday to form the newly branded Lake Trust CU.
And in Parchment, the $415 million First Community FCU has applied to merge the $60 million Education First CU of Southgate.
A spokesman for the Credit Union Division of the Michigan Office of Financial and Insurance Regulation said it received the First Community application Jan. 28. The NuUnion-Detroit Edison application has been in the works for more than a year.
Education First, which has been shrinking in size from a $75 million level, recorded a $1.3 million loss for 2009 following up on a $1.1 million loss in 2008.