Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Huron River has new name as division of Detroit Edison
ANN ARBOR, Mich. (11/21/07)--The liquidated Huron River Area CU, whose assets were purchased and assumed earlier this week by Detroit Edison CU, is now known as Huron River Financial, a division of the Detroit credit union. The National Credit Union Administration (NCUA) assumed control of Ann Arbor-based Huron River's $170 million worth of loans for Florida real estate, along with a related lawsuit. Many of the loans are delinquent (The Ann Arbor News Nov. 19). Detroit Edison CU received Huron River's members, deposits and assets and a scrubbed clean balance sheet. The acquisition will mean Detroit Edison will have more than $700 million in assets, making it the ninth-largest credit union in Michigan. According to Bill Thiess, president/CEO of Detroit Edison CU, credit union members will see no change or interruption in service. He noted that Huron River's 38,000 members are now part of one of the strongest financial institutions in the state. Detroit Edison's $160 million asset mortgage portfolio has only one home in foreclosure, with about $9,000 owed on the loan. Before the purchase and assumption, Detroit Edison's assets totaled $485.6 million and it served 28,000 members. David Adams, president of the Michigan Credit Union League, told The Ann Arbor News that Detroit Edison CU has deep relationships with its members, who have not only savings, but also auto loans, mortgage loans and retirement savings with the credit union.


RSS print
News Now LiveWire
.@CreditYOUnion captures voices of #100MM loud, proud at @GAUnitedCU See #NewsNow Thursday for more
11 hours ago
Ill. @GovernorQuinn signs patent troll law http://t.co/ugWf8zHpCm via @CrainsChicago
12 hours ago
.@MBAMortgage : Mortgage apps increased 2.8% from one week earlier for week ending Aug. 22.
13 hours ago
Franchise businesses may face higher breach risk with POS systems HT @briankrebs http://t.co/LGE46DUk15
14 hours ago
About 1 in 3 consumers use plastsic for in-person purchases of less than $5, according to @CreditCardsCom survey.
15 hours ago