DEARBORN, Mich., Tuesday, June 15, 2010 – DFCU Financial, headquartered in Dearborn, Michigan, and MidWest Financial Credit Union, headquartered in Ann Arbor, Michigan, have filed an application with the State of Michigan’s Office of Financial & Insurance Regulation (OFIR) to merge the two credit unions.
After the merger, the new organization will assume the DFCU Financial name and will serve more than 218,000 members with 25 full-service branches and approximately 530 employees. It will have $2.9 billion in assets, remaining the largest credit union in Michigan and one of the largest in the nation.
The newly created credit union will benefit from geographic market diversification through the expanded branch network, expanded products and services, continued commitment to community initiatives, increased membership growth opportunities, and proven financial strength, leadership and operating performance. The management team will be led by current DFCU Financial President and CEO Mark Shobe.
“The merger of DFCU Financial and MidWest Financial will provide superior value to all members due to our similar member focus, brand, combined financial strength, enhanced member convenience, unique annual patronage dividend, and preferred employer emphasis, “ said Dr. Robert Chapman, chairperson of the DFCU Financial Board of Directors. “DFCU Financial is pleased to extend its strong financial position and Special Patronage Dividend to a wider population of members in Michigan at a time when it is most needed.”
Richard Nowakowski, chairperson of the MidWest Financial Board of Directors, added, “We’re very excited about this merger opportunity. Partnering with Michigan’s largest credit union will provide our members with enhanced benefits and employees with greater opportunities. Both MidWest Financial and DFCU Financial are dedicated to making the merger transition a positive experience for all involved.”