Michigan regulators liquidated Rouge Employees Credit Union-with the NCUA acting as a liquidating agent-and sold its assets to Chief Financial Federal Credit Union.
Rouge Employees, which had $23 million in assets and served employees of Ford's Rouge River plant, has been badly hurt by the collapse of the economy. During the first quarter of 2009, its liabilities increased 103.5% and the value of its equity fell 139.8%. The value of its loan portfolio fell 13.0% and the value of its assets fell 4.0%. It had 6,200 members and was located in Dearborn, Mich.
Chief Financial FCU has $82.9 million in assets, 13,000 members and is headquartered in Pontiac, Mich.
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