Newsroom

August 20, 2018

Selfreliance Ukrainian American FCU absorbs Ukrainian Future CU in merger

NCUAUkrainian Future Credit Union (Warren, Mich.) has merged into Selfreliance Ukrainian American Federal Credit Union (Chicago, Ill.), the NCUA announced Friday.

All who were members of Ukrainian Future Credit Union are now Selfreliance Ukrainian American Federal Credit Union members. New members should not experience any interruption in services, and accounts at the credit union are protected by the National Credit Union Share Insurance Fund.

Prior to the merger, Selfreliance Ukrainian American Federal Credit Union served 20,359 members and had assets of $485.9 million, according to the credit union's latest call report.

At the time of the merger, Ukrainian Future Credit Union was a federally insured, state-chartered credit union with 3,652 members and assets of $77.9 million, according to the credit union's call report. Chartered in 1961, Ukrainian Future Credit Union served members of the Future Ukrainian-American Aid Association of Detroit.

The Michigan Department of Insurance and Financial Services placed Ukrainian Future Credit Union into conservatorship on Feb. 23, and the NCUA was appointed conservator. The two agencies determined that merging Ukrainian Future Credit Union into Selfreliance Ukrainian American Federal Credit Union was in the best interests of the members.