Detroit Edison Credit Union and NuUnion Credit Union announcedtoday that they have approved an intent to merge agreement.

The merger of Detroit Edison, Plymouth, Mich., and NuUnion,Lansing, Mich., "would create great opportunities for bothmemberships, including improved convenience and best-in-classproducts and services, as well as increased operationalefficiencies and greater financial strength and resources," astatement released by both credit unions said.

The statement noted that the merger will require the approval ofthe state regulator, the Office of Finance and InsuranceRegulation, and the NCUA, the Federal Trade Commission and the U.S.Department of Justice. NuUnion Credit Union members must alsoapprove the agreement before it can be finalized.

The name of the combined credit union will be Lake Trust CreditUnion. Both boards of directors, nine members each, will becombined to form an 18-member board. NuUnion's CEO Stephan L.Winninger will be the CEO of the new organization, and DetroitEdison Credit Union's CEO William J. Thiess will be thepresident.

The merged credit union will have assets of $1.5 billion, makingLake Trust Credit Union the fourth largest credit union inMichigan.