Ann Arbor CU in conservatorship
The National Credit Union Administration (NCUA) Friday assumed control of the operations of Huron River Area Credit Union, a state-chartered, federally insured credit union serving individuals working primarily in the Ann Arbor area.
The NCUA will operate the credit union to assure continued service. It as appointed conservator by the Michigan Office of Financial and Insurance Services.
Service continues normally. A conservatorship allows expert management to operate a troubled financial institution and restore stability to operations
The credit union has about 39,000 members in at least five counties. Its membership base consisted of employees at about 1,000 firms in Washtenaw, Livingston, Wayne, Oakland and Macomb Counties. But members also could be employees of any firm within 25 miles of the credit union that requested membership privileges or any senior in a county contiguous to Washtenaw County. The credit union has assets of about $348 million.