ANN ARBOR, Mich. — Once its serious loan problems became known, regulators wasted little time last month in putting this city's largest credit union, the $362 million Huron River Area Credit Union, into NCUA conservatorship, it was disclosed last week.
Still, Huron River had traditionally been a well performing CU "but apparently took on more risk than it could handle," commented David Adams, the president/CEO of the Michigan Credit Union League, forecasting the CU's financial condition could take months to improve before "the situation is resolved."
Adams said also that while a number of Michigan credit unions are enduring "earnings stress" amidst a poorly performing state economy, the problems at Huron River are by no means symptomatic of wider CU difficulties.
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