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==Planned Merger== |
==Planned Merger== |
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DFCU Financial filed an application to merge with MidWest Financial Credit Union. An official letter announcing the merger was mailed to members on June 15, 2010. Members of MidWest Financial approved this merger effective October 1, 2010. |
DFCU Financial filed an application to merge with MidWest Financial Credit Union. An official letter announcing the merger was mailed to members on June 15, 2010. Members of MidWest Financial approved this merger effective October 1, 2010. After this merger went through, several employees were let go, including Jerome Brandman and Tom Gisewite, in October 2010. |
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==Facebook Pages== |
==Facebook Pages== |
Revision as of 19:38, 16 January 2011
File:Dfcu logo.gif | |
Company type | Credit union |
---|---|
Industry | Financial services |
Founded | 1950 |
Headquarters | Dearborn, Michigan, United States |
Key people | Dr. Robert Chapman, Chairman of the Board Mark Shobe, President and CEO |
Products | Savings; checking; consumer loans; mortgages; credit cards; online banking |
Total assets | $2.5B USD (2009) |
Website | dfcufinancial.com |
DFCU Financial is a state-chartered credit union headquartered in Dearborn, Michigan, regulated under the authority of the Office of Thrift Supervision in Michigan and the National Credit Union Administration (NCUA). DFCU Financial is Michigan's largest credit union.[1] As of October 2010, DFCU Financial had approximately $3 billion in assets, 219,000 members, and 24 branches in Metro Detroit, Ann Arbor, Grand Rapids and Lansing[2]
Eligibility for membership is extended to anyone who lives, works or worships in the 68 counties of the Lower Peninsula of Michigan. Member deposits up to $250,000 in DFCU Financial are insured through the National Credit Union Share Insurance Fund.
History
Ford Engineering Employees Federal Credit Union was founded by employees of Ford Motor Company Engineering and Styling in February 1950. The Dearborn, Michigan credit union changed its name to Ford Dearborn Federal Credit Union in 1954 and then to Dearborn Federal Credit Union in 1960. In 2003, the credit union renamed itself DFCU Financial.[3]
In 2009, DFCU Financial merged with CapCom Credit Union.[4] CapCom was founded in the 1930s as the Municipal Employees Credit Union by firemen in Lansing to serve municipal employees. The Municipal Employees Credit Union grew through mergers over the years, most recently merging with Citizens Choice, Spartan Stores, Allied Builders & Contractors and Capital Community Credit Union/LSI Financial. See below about the CapCom merger.
Bank conversion opposition
In December 2005, DFCU announced that it was seeking to convert to a mutual savings bank in order to expand geographically.[5] NCUA initially rejected the member ballots that DFCU wanted to use for the conversion vote.[6] In March 2006, the credit union mailed ballots to its members, enticing them to vote with cash prizes of up to $5000.[7] DFCU encountered strong opposition to its conversion plans from its membership and the credit union community.[8] Michigan Governor Jennifer Granholm, herself a member of DFCU, urged the membership to carefully review the credit union's disclosures.[9] DFCU spent $1.2 million in its efforts to convince its membership to vote for the conversion and refused to release minutes from meetings of the Board of Directors to the membership. Members of the credit union formed a group called DFCU Owners United to oppose the conversion.[10] The member group gathered 1762 signatures on a petition to recall the Board of Directors. After receiving the petition, DFCU withdrew its application to convert to a bank.[11] Despite being required by its bylaws to hold a special membership meeting within 30 days of receiving the petition, DFCU refused to do so based on federal law.[12] Members filed a lawsuit against the credit union and a Michigan court ruled in favor of the members in March 2008.[13]
Merger with CapCom Credit Union
On June 1, 2008, the management and staff of both credit unions were told of the impending merger, that would have taken place by October 31, 2008. The merger was approved by NCUA in November 2008. Now, the vote was in the hands of the DFCU members, since the CapCom state charter was going to be used. The voting started in January 2009 and ended on February 1, 2009. The vote was approved by the DFCU membership and on March 1, 2009, DFCU took control of CapCom Credit Union. With this merger came layoffs. The only people to keep their jobs signed a contract before the merger. They are AnnMarie Gunn, Peggy Lamb and Renee Demarco, but in smaller roles than before. The other managers were let go with no notification.
Branch Closing
The airport location at 4215 44th Street closed on June 25, 2010. The last day the ATM and night drop was in use was on June 24, 2010. Currently, the building is now unoccupied and up for sale.
Planned Merger
DFCU Financial filed an application to merge with MidWest Financial Credit Union. An official letter announcing the merger was mailed to members on June 15, 2010. Members of MidWest Financial approved this merger effective October 1, 2010. After this merger went through, several employees were let go, including Jerome Brandman and Tom Gisewite, in October 2010.
Facebook Pages
Currently, there are two Facebook pages dedicated to DFCU Financial. These pages were created by users of the previous CapCom Credit Union before the merger. The pages are DFCU Financial Made Me Switch Banks and Don't Do Business with DFCU Financial.
References
- ^ About DFCU Financial. Top Work Places.
- ^ Updated Corporate Profile from Midwest Merger page. DFCU Financial.
- ^ Journal Daily. Banking Wire. 21 January 2003.
- ^ Sanchez, Mark. DFCU Financial targets ambitious growth. West Michigan Business. 23 July 2009.
- ^ Watt, Chad Eric. Start-up bank files for state charter in Royse City. Dallas Business Journal. 30 December 2005.
- ^ Roberts, Ed. Conversion Bid Could Head To Capitol Hill. Credit Union Journal. 6 February 2006.
- ^ Ortiz, Lauralee. Conversion Voting Packets Mailed: CU, Opponents Now Try To Win Votes For Their Side. Banking Wire. 7 April 2006.
- ^ Diekmann, Frank J. 2 Cos. Worth Praising, 1 CU Turning Point Worth Noting. Credit Union Journal. 27 March 2006.
- ^ Gov. Granholm to DFCU Financial Members: 'Carefully Review the Disclosures That Will Be Mailed to You by the Credit Union ... and Determine for Yourselves What Is in the Best Interest of You, the Members of the Credit Union.'. PR Newswire. 30 March 2006.
- ^ Ortiz, Lauralee. What Members Are Also Alleging. Credit Union Journal. 17 April 2006.
- ^ Ortiz, Lauralee. DFCU Financial Withdraws Bid To Convert To Bank: Group Is Proceeding With Plan To Recall The Board. Credit Union Journal. 24 April 2006.
- ^ Ortiz, Lauralee. The Michigan Case: DFCU Conversion Attempt Controversy Still Boiling. Credit Union Journal. 6 November 2006.
- ^ Morrison, David. CU-to-Bank Charter Changes Dwindled as 2008 Came to a Close. Credit Union Times. 24 December 2008.