Search
 

Michigan CU Explains FOM Barriers, Charter Switch in Merger Bids

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

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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. 

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?

Recommended Stories

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.