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The $23 million Centel Credit Union in Owosso, Mich., has merged into the $549 million LAFCU in Lansing, Mich.

NCUA financial performance reports show Centel CU has been struggling financially over the last few years. With a net worth of 6.80% in 2012, the credit union that serves 5,236 members recorded a total net loss $530,686 from 2009 to 2011. At the end of 2012, it posted a net income of $42,791.

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Peter Strozniak


Credit Union Times

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