The $190 million American 1 Federal Credit Union of Jackson, Mich. is looking to gain a toehold in the Detroit market late this summer with its plans to merge with the ailing $55 million Premier Financial CU of Detroit.
The Detroit CU, which lost $1.7 million in 2010 and a similar amount in 2009 and has been under 4% net worth, said it sought out American 1 as a merger partner based on its service record and "because of its proven history of financial stability and growth." The combined CU will serve a 50,000 member base.
American 1 currently has nine central Michigan branches and "looks to continue our growth in metro Detroit," said Kristi Latoszewski, vice president of marketing and communications.
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"This is an exciting opportunity for us to expand," she said, noting that the CU is amenable to merger bids from other Michigan CUs where there is a fit.
Premier, in operation 73 years, with two metro Detroit branches and 7,000 members, has been serving employees of MichCon and DTE Energy Co.
Its president/CEO, James Safian, said in a statement that the current environment has been "challenging to maintain the financial position and growth needed to provide the products, services and locations our members want and need."
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