Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Huron River has new name as division of Detroit Edison
ANN ARBOR, Mich. (11/21/07)--The liquidated Huron River Area CU, whose assets were purchased and assumed earlier this week by Detroit Edison CU, is now known as Huron River Financial, a division of the Detroit credit union. The National Credit Union Administration (NCUA) assumed control of Ann Arbor-based Huron River's $170 million worth of loans for Florida real estate, along with a related lawsuit. Many of the loans are delinquent (The Ann Arbor News Nov. 19). Detroit Edison CU received Huron River's members, deposits and assets and a scrubbed clean balance sheet. The acquisition will mean Detroit Edison will have more than $700 million in assets, making it the ninth-largest credit union in Michigan. According to Bill Thiess, president/CEO of Detroit Edison CU, credit union members will see no change or interruption in service. He noted that Huron River's 38,000 members are now part of one of the strongest financial institutions in the state. Detroit Edison's $160 million asset mortgage portfolio has only one home in foreclosure, with about $9,000 owed on the loan. Before the purchase and assumption, Detroit Edison's assets totaled $485.6 million and it served 28,000 members. David Adams, president of the Michigan Credit Union League, told The Ann Arbor News that Detroit Edison CU has deep relationships with its members, who have not only savings, but also auto loans, mortgage loans and retirement savings with the credit union.


RSS print
News Now LiveWire
July 's Fed Bank's "FedFocus" has some interesting articles: incl cost/benefits of $1 currency 2 coin conversion ttp://tinyurl.com/nybmnhh
15 hours ago
Do you wish you were a News Now subscriber? Go here: http://t.co/7evfBSjeMx
15 hours ago
Financial education for student body key part of Altura #creditunion, UC-Riverside partnership #NewsNow http://t.co/Xp6OJd66o6
16 hours ago
.@VTcreditunions gains 200 new FB followers in just 2 wks to reach 1,000 http://t.co/I89xJcv4Jg
17 hours ago
.@CUNA is testifying on reg relief Tues,July 15 at 2 p.m. be4 Hs Fin Serv Subc. Here is the agenda and witness list: http://t.co/yBRhlmdqHt
19 hours ago