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.
Centel’s members voted in March to join LAFCU. The agreement was finalized in April.
Centel, founded in 1955, has two branch locations. LAFCU, serving 49,420 members, operates six locations throughout the Greater Lansing area. Once the technology systems are combined in fall 2013, members will have access to eight branch locations in addition to a network of 28,000 ATMs.
“We welcome Centel members to the LAFCU family,” said Robin Frucci, president/CEO of LAFCU. “Together, we will provide improved services to all members, including the convenience of additional branch offices when the unification has been completed later this year.”