Detroit CUs See Prospects in City’s Bankruptcy
When Jim Perna started working at piano maker Wurlitzer in Detroit circa 1962, the city had a vibrancy that was contagious, heady and colorful.
Perna, who has served as president/CEO of the $23 million Health One Credit Union in Detroit for 42 years, said he has seen his fair share of the city’s financial struggles over the last few decades. So, it didn’t come as a surprise when the metropolis famous for its Motown music roots filed for Chapter 9 bankruptcy on July 18. With debt estimated at $20 billion, Detroit became the largest city ever in U.S. history to declare bankruptcy.
The league said while employment compared to 2006 is down across the board, some metropolitan statistical areas have fared better than others. Flint, Detroit-Livonia-Warren, Monroe, Battle Creek and Muskegon are still down 10.8% to 13.6% from 2006’s employment levels. Ann Arbor, Grand Rapids, Holland, and Lansing have the least ground to make up and are only 4.6% to 6.1% off.
“While these are trying times, we hope that this will be the start of a new, more prosperous future for one of America’s iconic cities,” Adams said.