DEARBORN, Mich., October 4, 2010 – Members of Ann Arbor-based MidWest Financial Credit Union voted to approve the merger into DFCU Financial, Michigan’s largest credit union. Of the 29% of eligible members who voted, 92% approved the merger.
“We are very happy to consummate the merger and become a part of the Ann Arbor and Ypsilanti communities,” said Mark Shobe, president and CEO, DFCU Financial. “We look forward to serving our new members and providing them with our outstanding benefits of membership, especially the Special Patronage Dividend, our unique loyalty program which has infused more than $70 million into our local economy over the last four years.”
“I am very happy that MidWest Financial members voted to approve this all-important initiative, said Mike Stevens, CEO of MidWest Financial. “Being a part of DFCU Financial will offer members, employees and our community with benefits and opportunities that MidWest alone could not provide.”
As a result of the merger, DFCU Financial now serves more than 219,000 members with 24 full-service branches and approximately 530 employees. It has $3 billion in assets and remains the largest credit union in Michigan and one of the largest in the nation. DFCU Financial, which already serves Henry Ford Health System in Detroit and Oakwood Hospital in Dearborn, will add the University of Michigan Health System through this merger.
“The economy has truly challenged our industry over the last few years resulting in institutional failures and industry consolidation,” Shobe said. “At DFCU Financial, we’re pleased to have the financial fortitude to extend our brand to important new markets.”
DFCU Financial, headquartered in Dearborn, is Michigan’s largest credit union with $3 billion in assets. For four consecutive years, DFCU Financial has issued the largest dividend in the history of credit unions of more than $70 million. The credit union continually reinvests in its membership with new branches, a no-interest, no-payment Career Transition Program and financial literacy education for all ages. DFCU Financial currently operates 11 full-service branches in Detroit, three branches in Lansing, and five in the Grand Rapids area. For more information and to find out how you can join, call 888.336.2700 or visit dfcufinancial.com.