By J. PATRICK PEPPER
DEARBORN — DFCU Financial filed paperwork last week with state regulators seeking a merger with an Ann Arbor credit union.
If the merger with MidWest Financial Credit Union comes together, 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.
MidWest Financial serves the Ann Arbor area, including University of Michigan health system employees and local businesses. It has approximately 16,000 members and more than $181 million in assets. DFCU has about 202,000 members and $2.7 billion in assets with 12 branches in the Detroit area, three in Lansing and five in the Grand Rapids area.
The merger would give the combined outfit roughly $2.9 billion in assets, leaving DFCU Financial – formerly Dearborn Federal Credit Union – as the largest credit union in Michigan and one of the largest in the nation. The management team of the new entity would be lead by DFCU Financial President and Chief Executive Officer Mark Shobe.
DFCU Financial officials said the credit union would experience numerous benefits from the merger. Among them: entering a new market, expanded products and services and membership growth opportunities.
“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 Robert Chapman, chairman of the DFCU Financial Board of Directors.
“DFCU Financial is pleased to extend its strong financial position and special dividend to a wider
population of members in Michigan at a time when it is most needed.”
MidWest Financial officials were equally optimistic about the new venture.
“We’re very excited about this merger opportunity,” said Richard Nowakowski, chairman of the credit union’s board of directors. “Partnering with Michigan’s largest credit union will provide our members with enhanced benefits and employees with greater opportunities.”