“Members should be assured that all of their deposits are protected,” said Ross. “The new members of Chief Financial will now have a wide array of services available.”

Rouge Employees Credit Union members will automatically become members of Chief Financial Federal Credit Union. Rouge Employees Credit Union's office will reopen May 18, 2009, as a branch of Chief Financial Federal Credit Union. Depositors of Rouge Employees Credit Union can access their money by writing checks or using ATM or debit cards. Checks drawn on the credit union will continue to be processed. Members with loans should continue to make their payments as usual.

On March, 31, 2009, Rouge Employees Credit Union had $22.9 million in total assets, $21.1 million in deposits and net loans in the amount of $4.4 million.

Rouge Employees Credit Union operated one branch in Dearborn.  The credit union was chartered as a Michigan credit union on February 11, 1964, and was closed today when the National Credit Union Administration (NCUA) was appointed receiver on petition to the Ingham County Circuit Court by Commissioner Ross.

Rouge Employees Credit Union is the nation’s fifth federally-insured credit union closure this year. In Michigan, only two credit unions, including Rouge Employees Credit Union, have closed in the last ten years.

Members with questions about deposits with Rouge Employees Credit Union can call the branch in Dearborn at 313-846-7300, or may contact Chief Financial Federal Credit Union at 248-335-9493.  Members with questions about today's transaction or who would like more information about the closing of Rouge Employees Credit Union can call the NCUA toll-free at their Consumer Assistance Hotline  1-800-755-1030, Monday – Friday, from 8 a.m. to 5 p.m. Eastern Standard Time.

The National Credit Union Administration (NCUA) is the federal agency that charters and supervises federal credit unions and insures savings in federal and most state-chartered credit unions across the country through the National Credit Union Share Insurance Fund (NCUSIF), a federal fund backed by the full faith and credit of the United States government.

For additional information about credit union closures and the NCUA, visit www.ncua.gov        

Useful consumer information can also be found at:

• Your Insured Deposit: http://www.ncua.gov/ShareInsurance/Index.htm
• Electronic Deposit Insurance Estimator: http://www.ncua.gov/ShareInsurance/InsuranceEstimator.htm
• NCUA Share Insurance and You: http://www.ncua.gov/NCUA%20Share%20Insurance%20and%20You.pdf

To view the order appointing the NCUA receiver for Rouge Employees Credit Union, visit:

http://www.michigan.gov/documents/dleg/content_278791_7.pdf

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