Centel Credit Union Merges With LAFCU
The $23 million Centel Credit Union in Owosso, Mich., has merged into the $549 million LAFCU in Lansing, Mich.
NCUA financial performance reports show Centel CU has been struggling financially over the last few years. With a net worth of 6.80% in 2012, the credit union that serves 5,236 members recorded a total net loss $530,686 from 2009 to 2011. At the end of 2012, it posted a net income of $42,791.