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Consumers Credit Union was founded in 1951 under the name Kalamazoo Consumers Power Company (KCPC) Employees Federal Credit Union, a credit union for employees of Consumers Energy. [3] [4] Consumers became a state-chartered credit union in 1964 and its services grew to include employees of the Palisades nuclear power plant in Covert, Michigan. [5]
MSUFCU's first expansion into West Michigan came with a Grand Rapids branch in the fall of 2017. [17] MSUFCU later opened a branch in Traverse City , its first in Northern Michigan , on June 30, 2020; a second Traverse City branch followed on June 29, 2021. [ 18 ]
This is a partial list of credit unions in the United States.. A credit union is a member-owned financial cooperative, democratically controlled by its members, and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members. [1]
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Lake Michigan Credit Union was founded in 1933 in Grand Rapids, Michigan, by Lloyd F. Hutt as Grand Rapids Teachers Credit Union. [6] On March 1, 2002, the institution changed its name to Lake Michigan Credit Union. [7] In mid-May 2010, the Kalamazoo-based Citizens Credit Union announced that it planned to merge with Lake Michigan Credit Union.
As of October 2021, DFCU Financial had approximately $6 billion in assets, 232,000 members, and 27 branches in Metro Detroit, Ann Arbor, Grand Rapids and Lansing. [ 2 ] [ 3 ] Eligibility for membership is extended to anyone who lives, works or worships in the 68 counties of the Lower Peninsula of Michigan .
Grand Rapids-based Independent Bank has a large presence in the region as well. Regional banks and credit unions also exist throughout Central Michigan. One of those is Michigan State University Federal Credit Union which is the largest university-based credit union in the world. [19]
As of March 2020, the largest American credit union was Navy Federal Credit Union, serving U.S. Department of Defense employees, contractors, and families of servicepeople, with over $125 billion in assets and over 9.1 million members. [5] Total credit union assets in the U.S. reached $1 trillion as of March 2012. [6]