The $14 million, 2,261-member ARC Credit Union will merge withthe $288 million, 35,621-member Christian Financial Credit Union on Sept. 30.
|The credit unions, based in Roseville, Mich., serve residents inMacomb County in suburban Detroit as well as local churches.
|“This merger really speaks to our shared vision: to serve theresidents of Roseville and Macomb County, and to help our membersreach financial success,” said Patty Campbell, president/CEO ofChristian Financial CU. “In addition, our organizations have along history of serving the Christian community, a tradition we areproud to continue.”
|ARC CU's branch will remain open and its employees willcontinue to work for CFCU.
|Like many small credit unions, ARC CU has been financiallystruggling over the last five years with declining loan, investmentand fee income. From 2008 to 2012, the credit union posted a totalnet loss of more than $387,000, according to NCUA financialperformance reports.
|Originally founded as St. Athanasius Credit Union in 1965, itsname was changed to ARC CU in 1979 when the cooperative beganserving a broad segment of Macomb County's Catholic parishes. In addition, the credit union serves employees of the citiesof Roseville and Fraser, among other employee groups.
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