DFCU Financial and MidWest Financial Credit Union to Merge
June 17, 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.”
About DFCU Financial
DFCU Financial, headquartered in Dearborn, is Michigan’s
largest credit union with $2.7 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 12 full-service branches in Detroit, three branches in
Lansing, and five in the greater Grand Rapids area. Anyone can join
DFCU Financial. To find out how, call 888.336.2700 or visit
www.dfcufinancial.com.
About MidWest Financial Credit Union
MidWest Financial Credit Union is a member-owned,
not-for-profit financial institution headquartered in Ann Arbor,
Michigan. It serves the Ann Arbor Area community, University of
Michigan Health System employees, and local business partners.
MidWest Financial has approximately 16,000 members and more than
$181 million in assets. For more information about MidWest
Financial, please call 734.769.4621 or visit
mwfcu.org.
