The financially troubled $24 million Clawson Community CreditUnion in Clawson, Mich., has agreed to merge into the $452 millionDetroitMetropolitan Credit Union.
|The membership of Clawson Community Credit Union voted toapprove the merger last month, according to a statement Tuesdayfrom Detroit Metropolitan CU. Clawson Community CU employees haveaccepted positions in the surviving credit union, the statementsaid.
|Since 2009, total assets and net income at Clawson Community CUhave been steadily declining, according to financial performancereports filed with the NCUA. Assets have dropped to $24 millionthis year from $34 million in 2009. From 2009 to 2011, the creditunion has posted a total net loss of $897,000.
|Clawson Community CU's branch will remain open and serve OaklandCounty, northwest of Detroit. The merger will provide Clawson's3,400 members access to the combined credit unions' financialservices and locations.
|“We're thrilled at the opportunity to serve more members wholive, work and worship in Oakland County, and we're committed toproviding them with outstanding service that credit unions areknown for,” said Detroit Metropolitan CEO Kathie Trembath.
|The merger has received regulatory approval and is expected tobe finalized by year's end, according to Detroit MetropolitanCU.
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