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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.


NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the U.S. Government, NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 96 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. At MyCreditUnion.gov and Pocket Cents, NCUA also educates the public on consumer protection and financial literacy issues..

--NCUA--

National Credit Union Administration

Office of Public & Congressional Affairs

703.518.6330
pacamail@ncua.gov

Contacts:

John Fairbanks
Office: 703.518.6336
jfairbanks@ncua.gov

Ben C. Hardaway
Office: 703.518.6333
Mobile: 703.298.5223 bhardaway@ncua.gov

Kenzie Snowden
Office: 703.518.6334
ksnowden@ncua.gov

"Protecting credit unions and the consumers who own them through effective regulation"