January 21, 2008 – 9:53 am
The NCUA has just announced that the State of Michigan on February 16th has placed Huron River Area Credit Union into Conservatorship under the NCUA.
The $362.6 million Huron River Area Credit Union of Ann Arbor, Mich., which was placed into receivership by its state regulator Feb. 16, is likely to survive once permanent new management is established. The $2.3 million Communities United Credit Union of Wichita, Kan., which was placed into receivership on Feb. 15, is likely to be eventually closed.
This may explain why Huron River Area CU has been advertising 6% CDs for the last several months.
