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 financial challenges. In addition to declines in its loan income, the cooperative posted a total net income loss of $368,314 from 2009 to 2012, according to NCUA financial performance reports.

The suburban Detroit cooperative's net worth was 5.13% as of June 2013, well below the peer average of 12.16%. Its performance figures, including return on average assets, loan yields, fee income and cost of funds also were below peer averages, according to NCUA's financial performance reports.

ROME CU members approved the merger in September.

Chartered in 1972, ROME CU served the financial needs of Royal Oak 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 offers ROME CU members additional financial services and products, said Robert Bava, president/CEO of Community Choice CU.

Instant Insights /

ROME Credit Union Merges in Suburban Detroit

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