Michigan's Rouge Employees Credit Union Closes

The 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.

About the Author

Linda McGlasson

Linda McGlasson

Managing Editor

Linda McGlasson is a seasoned writer and editor with 20 years of experience in writing for corporations, business publications and newspapers. She has worked in the Financial Services industry for more than 12 years. Most recently Linda headed information security awareness and training and the Computer Incident Response Team for Securities Industry Automation Corporation (SIAC), a subsidiary of the NYSE Group (NYX). As part of her role she developed infosec policy, developed new awareness testing and led the company's incident response team. In the last two years she's been involved with the Financial Services Information Sharing Analysis Center (FS-ISAC), editing its quarterly member newsletter and identifying speakers for member meetings.

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