The $17.6 million, 2,484-member ROME Credit Union in Royal Oak,Mich., merged Tuesday with the $495 million, 50,479-member Community Choice Credit Union in Farmington Hills, Mich.
|Like many small credit unions, ROME CU has had financialchallenges. In addition to declines in its loan income, thecooperative posted a total net income loss of $368,314 from 2009 to2012, according to NCUA financial performance reports.
|The suburban Detroit cooperative's net worth was 5.13% as ofJune 2013, well below the peer average of 12.16%. Its performancefigures, including return on average assets, loan yields, feeincome and cost of funds also were below peer averages, accordingto NCUA's financial performance reports.
|ROME CU members approved the merger in September.
|Chartered in 1972, ROME CU served the financial needs of RoyalOak city employees and other select employer groups.
|The credit union's sole location continues to operate.
|The merger expands Community Choice CU's presence in Southeast Michigan and offersROME CU members additional financial services and products, saidRobert Bava, president/CEO of Community Choice CU.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
