The financially troubled $24 million Clawson Community Credit Union in Clawson, Mich., has agreed to merge into the $452 million Detroit Metropolitan Credit Union.
The membership of Clawson Community Credit Union voted to approve the merger last month, according to a statement Tuesday from Detroit Metropolitan CU. Clawson Community CU employees have accepted positions in the surviving credit union, the statement said.
Since 2009, total assets and net income at Clawson Community CU have been steadily declining, according to financial performance reports filed with the NCUA. Assets have dropped to $24 million this year from $34 million in 2009. From 2009 to 2011, the credit union has posted a total net loss of $897,000.
Clawson Community CU’s branch will remain open and serve Oakland County, northwest of Detroit. The merger will provide Clawson’s 3,400 members access to the combined credit unions’ financial services and locations.
“We’re thrilled at the opportunity to serve more members who live, work and worship in Oakland County, and we’re committed to providing them with outstanding service that credit unions are known for,” said Detroit Metropolitan CEO Kathie Trembath.
The merger has received regulatory approval and is expected to be finalized by year’s end, according to Detroit Metropolitan CU.