May 2009
Rouge Employees Credit Union Closes
Rouge Employees Credit Union Members Now Served by Chief Financial Federal Credit Union; Member Accounts are Safe and Federally Insured
ALEXANDRIA, Va. (May 15, 2009) – The National Credit Union Administration (NCUA) was appointed liquidating agent of Rouge Employees Credit Union in Dearborn by the Michigan Office of Financial & Insurance Regulation on May 15, 2009. Effective May 18, 2009, Rouge Employees Credit Union members will be served by Chief Financial Federal Credit Union (formerly Chief Pontiac Federal Credit Union) of Pontiac, Michigan.
Chief Financial Federal Credit Union purchased and assumed Rouge Employees Credit Union’s assets, loans and shares, enabling Rouge’s members to continue to receive uninterrupted credit union service. Rouge’s declining financial condition led to the closure and subsequent purchase and assumption by Chief Financial Federal Credit Union. Rouge Employees Credit Union had $23 million in assets and served 6,200 members.
Chief Financial Federal Credit Union is a full service credit union and it new members will have access to a broad array of financial services offered throughout a wide service area. With assets of $82.9 million, Chief Financial FCU serves approximately 13,480 members from employee and associational groups, along with an underserved area encompassing portions of Dearborn Heights, Inkster, Romulus, Taylor, Wayne, or Westland, Michigan. The headquarters office is located at 790 Joslyn Avenue in Pontiac, Michigan. Chief Financial FCU has three branch offices serving members throughout its service area. The credit union also offers online transaction service.
Member accounts are insured to at least $250,000 by the National Credit Union Share Insurance Fund, a federal insurance fund backed by the full faith and credit of the U.S. Government.