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News Now

CU System
NuUnion Detroit Edison CUs to merge April 1
LANSING, Mich. (3/23/10)--Regulators have approved the merger of NuUnion CU, Lansing, Mich., and Detroit Edison CU (DECU), Plymouth, Mich. The newly created Lake Trust CU will launch April 1. The Federal Trade Commission and the Department of Justice gave their necessary approval for the merger earlier this month to make sure--because of its size--that it didn’t violate federal anti-trust laws (TheMorningSun.com March 19). Also, approvals were granted by the National Credit Union Administration and Michigan’s Office of Finance and Insurance Regulation. The merger will create the fourth-largest credit union in Michigan--at $1.5 billion in assets--and positions the credit unions to serve both memberships with increased access to branches and ATMs, a stronger capital position and enhanced products and services (News Now Feb. 23). “The Lake Trust name is representative of the new organization which will stretch from Lake Michigan to Lake Huron and Lake Erie,” said Steve Winninger, NuUnion president/CEO. He will serve as the new credit union’s CEO, while DECU CEO William J. Thiess will become president.


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