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Assets of troubled credit union purchased

LANSING, Mich. -The assets of troubled Birch Run Area Credit Union will be taken over by Credit Union Plus of Bay City. In September, the Michigan Office of Financial and Information Services suspended CEO Harold Johnson and two other officials of Birch Run saying that the three had "clearly used...

By Staff Writer | Updated on November 12, 2002

LANSING, Mich. -The assets of troubled Birch Run Area Credit Union will be taken over by Credit Union Plus of Bay City. In September, the Michigan Office of Financial and Information Services suspended CEO Harold Johnson and two other officials of Birch Run saying that the three had “clearly used the credit union for their own personal gain.” Credit Union Plus, which has $36.2 million in assets and two offices, gets the one-office Birch Run in a purchase and assumption of assets, said Credit Union Plus CEO Cathy Dahlbeck. Dahlbeck said her credit union would begin offering expanded services at the newly acquired office. All of Birch Run’s employees, except those removed by OFIS, will join Credit Union Plus.

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