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
Matz: Revised @TheNCUA #RBC rule for #creditunions 2 B unveiled 1/15/15, 90-day comment period to follow #newsnow http://t.co/qABhvghSTU
1 Day ago
Just announced: @TheNCUA board will consider a revised risk-based capital rule at its Jan 15 mtg. See #NewsNow Monday for more info.
1 Day ago
Nearing one-yr anniversary of data breach, @Target asks for class action suits to be dismissed via @BloombergNews http://t.co/kra6kupd35
1 Day ago
.@PeoplesTrustFCU has been recognized with the Juntos Avanzamos designation by @Cornerstone_CUL for its service to the Hispanic community
1 Day ago
#NewsNow: Rep. Hensarling names #HFSC subcommittee chairs. http://t.co/dXAMZdpn1p
1 Day ago