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Michigan CU Explains FOM Barriers, Charter Switch in Merger Bids

Michigan state charter will overcome hurdles, CEO says as one of two mergers completed.

By Jim Rubenstein | Updated on September 09, 2011

There have been plenty of legal bumps along the way before the $240 million American 1 FCU can complete the mergers of two struggling Detroit- area counterparts, the Jackson, Mich., CU said Friday.

As part of the deal, American 1 is switching to a state charter to accommodate field-of-membership hurdles in connection with next month’s takeover of the $10.9 million Michigan Services CU of Southfield, the credit union announced Thursday. 

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