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DFCU Financial plans to acquire Midwest Financial FCU
DEARBORN, Mich., and ANN ARBOR, Mich. (6/16/10)--Dearborn, Mich.-based DFCU Financial CU and MidWest Financial CU, based in Ann Arbor, Mich., have applied for permission with the Michigan's Office of Financial and Insurance Regulation (OFIR) to merge the two credit unions. DFCU Financial, based in Dearborn, is the state's largest credit union with more than $2.6 billion in assets. MidWest Financial, based in Ann Arbor, has more than $185 million in assets but had suffered losses the past two years. According to a statement on DFCU Financial's website, the new organization will assume the DFCU Financial name and have more than $2.9 billion in assets. The merged credit union will serve more than 218,000 members with 25 full-service branches and about 530 employees. The merged credit union "will benefit from geographic market diversification through the expanded branch network, expanded products and services, continued commitment to community initiatives, increased membership growth opportunities, and proven financial strength, leadership and operating performance," said Mark Shobe, DFCU Financial president/CEO. Richard Nowakowski, chairperson of Midwest Financial's board of directors, noted that partnering with Michigan's largest credit union will provide members with enhanced benefits and employees with greater opportunities. "Both MidWest Financial and DFCU Financial are dedicated to making the merger transition a positive experience for all involved," he added. The merger approval is expected to be a formality if MidWest members approve, according to Crain's Detroit Business (June 15).


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