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DFCU Financial CapCom CUs to merge
DEARBORN, Mich. (7/23/08)--Two Michigan-based credit unions--Dearborn-based DFCU Financial FCU and Lansing-based CapCom CU--Monday filed an application with the state Office of Financial & Insurance Regulation and the National Credit Union Administration to merge the two credit unions. The new combined organization will assume the DFCU Financial CU name and retain CapCom CU's state charter. The credit union will have $2.2 billion in assets--the largest credit union in Michigan and one of the largest in the nation. It will serve more than 200,000 members with 21 full-service branches and about 500 employees. According to a press release, the new credit union will benefit from geographic market diversification with branches located from Detroit to Grand Rapids; expanded products and services; continued commitment to community initiatives; increased membership growth opportunities; greater operating economies of scale; and proven financial strength, leadership and operating performance. The new credit union's board will consist of the board of directors of both credit unions. The management team will be led by current DFCU Financial President/CEO Mark Shobe and current CapCom President/CEO Renee DeMarco, who will assume responsibility for DFCU Financial’s western Michigan presence as regional president. The credit union does not expect to eliminate any positions as a result of this merger.


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