LANSING, Mich. — Following its basic model on failed credit unions, NCUA remains in control on the outcome of the $268 million Huron River Area Credit Union of Ann Arbor, Mich. with no move so far to alter its status, a top Michigan regulator said today.
"NCUA controls the process and, of course, we are working with them as the agency seeks to resolve the situation at the lowest cost," explained Roger Little, deputy Michigan commissioner.
Like two Colorado CUs hurt by large losses on Florida housing loans and put into conversatorship with one eventually sold, Huron River could remain in NCUA's hands or eventually be spun off at auction, officials point out.
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Huron River was put into conservatorship last February and so far NCUA has issued no timetable on when or if bidding might start, said Little.
In the meantime, sources in the southeast Michigan market note that Huron River, under hired NCUA management, has been pushing hard on adding deposits offering one of the highest CD rates, 4.75% on six-month CDs compared to the 4.22% average, and 5.2% on 12 month CDs against the 4.75% average.
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