Rouge Employees Credit Union in Dearborn closes

Rouge Employees Credit Union in Dearborn closes

DEARBORN, Mich. (AP) - State regulators have announced that Rouge Employees Credit Union in Dearborn has closed and its deposits and loans have been acquired by Chief Financial Federal Credit Union of Pontiac.

The Michigan Office of Financial and Insurance Regulation announced the closure Friday. Commissioner Ken Ross says Rouge's about 6,200 members will become members of Chief Financial and have uninterrupted access to their funds. Rouge's single branch will reopen Monday as a Chief Financial branch.

Rouge was chartered in 1964. The state says it's the nation's fifth federally-insured credit union to close this year. As of March 31, Rouge had $22.9 million in total assets.

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AP-NY-05-16-09 0942EDT