ALEXANDRIA, Va. — NCUA liquidated the remains of the troubled Huron River Area Credit Union on Saturday, Nov. 17 and sold it to Detroit Edison Credit Union in a purchase and assumption.
Michigan's state regulator placed HRACU, located in Ann Arbor, Mich., into conservatorship last February when its financial condition worsened due to large defaults on home loans made in southeastern Florida. NCUA has been running the CU since that time, but the financial problems forced the P&A.
HRACU members' assets are secure and will transfer to DECU and members will have access to its 77 service center branches. DECU has $485 million in assets and some 27,000 members. Huron River had $25 million-in-assets and 39,000 members. Now with combined assets of more than $700 million, DECU will become the ninth largest credit union in Michigan.
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