Michigan's Rouge Employees Credit Union ClosesThe third credit union to close in 2009 was the Rouge Employees Credit Union in Dearborn, MI last Friday. The credit union was closed by the Michigan Office of Financial & Insurance Regulation, and the NCUA was appointed liquidating agent. The NCUA arranged for the failed credit union's members to be served by Chief Financial Federal Credit Union, Pontiac, MI. Rouge's declining financial condition led to the closure. The credit union had $23 million in assets and served 6,200 members.
The purchase and assumption of the credit union's assets by Chief Financial Federal Credit Union means Rouge Employees Credit Union members will have uninterrupted service. In addition to the three closed credit unions of 2009, three other credit unions have been placed into conservatorship status since the beginning of the year.
Chief Financial Federal Credit Union is a full-service credit union, and its new members will have access to its financial services offered throughout a wide service area. With assets of $82.9 million, Chief Financial FCU serves approximately 13,480 members from employee and associational groups, along with an underserved area encompassing portions of Dearborn Heights, Inkster, Romulus, Taylor, Wayne, and Westland, MI.