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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