Michigan’s Largest CU Files to Convert to Bank Charter

From CU Times - 12/14/2005 - 11:32 AM

DEARBORN, Mich. – Michigan’s largest credit union, the $1.7 billion DFCU Financial Credit Union, has filed applications today with Office of Thrift Supervision and FDIC to convert its charter to that of a mutual bank.

The 160,000 member credit union is 55 years old and has a capital ratio of 12.11% as of June 2005, a number which has risen significantly since June 2003 when it stood at 9.28%.

The credit union’s board voted unanimously to approve the plan of conversion, according to Kim Gabbert, spokeswoman for the credit union.