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