Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts
Overview / Commentary
589 E Ellis Rd
Norton Shores, MI 49441

First General Credit Union is headquartered in Norton Shores and is the 130th largest credit union in the state of Michigan. It is also the 1,971st largest credit union in the nation. It was established in 1953 and as of March of 2014, it had grown to 25 employees and 10,347 members. First General Credit Union has a B+ health rating.

Field of Membership Restrictions

Membership in the credit union is open to anyone who works, worships, attends school or lives in Muskegon, Oceana, Ottawa, Newaygo, or Kent counties. - See Details

Related Posts

Reviews (2)

No Accountability

First General takes no accountability for their employees mistake. One employee has cost me thousands of dollars an no one seems to care because the call was not monitored. I had a loan that got charged off and tried to do the right thing by resolving the issue. I contacted the loss prevention department and was told that they would settle with me so I gave them the amount only for them to take my  money and NOT close the account. They also sent my account to collections while I was making small payments up until 2/6/13 when I gave them a 2,000 payment. Prior to that happening I was able to discuss my account with the bank but now they won't even talk to me. First General Credit Union are crooks. I reported them to the BBB (Better Business Bureau) because this type of business is not right. People just don't have $2,000 to just throw away.That employee should be fired she knows who she is. Because of her incompitance, poor customer service and providing wrong information, my account is still not resolved. She nor the Operations director didn't even apologize or try to make it right. 

Most Horrible Bank Ever!

My spouse and I had a loan here and when my son became ill (AML Cancer) at age 7, we were hospitalized for over 6 months. Now I am not say a person should not pay bills. But when you call to let them know that your son if fighting for his life and you will do your best to pay by a certain time. They should take that into effect. But no sooner than one day passed that day you were going to pay you get calles and letter threating to take you car. (mind you I was not even a month late on the car note) and you call to tell them again for the fifth time that you hospitalized and that you will have someone go to bank for you and deposit money. (when they do not have online payment options) It becomes a little rediculaous and they should be ashamed of themselves. Do they not have people that are months behind to mess with. I not even a month behind and I am threaten with actions to take my car. My son is 7 and hospitalized fighting for his life. I could careless about the damn car. First general you can have it. My son is way more important.. 

Now I have to go and get my loan switched over to another bank, just to have better options of paying online so I can be more avail to my son which is the bigger picture. (by the way my payment was less than $300.)


Now tell me is this a bank you want to bank with? I think not


Data for Q1 2014

Institution Health

Additional Factors: Institutions with a small asset base or a short operating history can represent an instability risk beyond what their financial ratios indicate. First General Credit Union has a relatively low asset base.

Texas Ratio


The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 First General Credit Union had $623,000 in non-current loans and owned real-estate with $11.87 million in equity and loan loss allowances on hand to cover it. This gives First General Credit Union a Texas Ratio of 5.25% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for First General Credit Union experienced no significant changes from 3.97% as of March 31, 2013 to 5.25% as of March 31, 2014, resulting in a negative change of 32.14%. This indicates that the balance sheet and financial strength for First General Credit Union has had no significant changes in recent periods.

Deposit Growth


In the past year, First General Credit Union has increased its total deposits by $362,000, resulting in 0.66% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth First General Credit Union has shown is above average.



Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. First General Credit Union has $66.68 million in assets with $11.87 million in equity, resulting in a capitalization level of 17.80%, which is excellent.

Institution Statistics

NCUA #61455
Year Chartered1953
Primary Regulator
Assets and Liabilities
Assets$66.68 million
Loans$48.64 million
Deposits$55.12 million
Equity Capital$11.32 million
Loan Loss Allowance$551,000
Unbacked Noncurrent Loans$479,000
Real Estate Owned$144,000
Historic Data - March 2013
Assets$67.42 million
Equity Capital$12.27 million
Loan Loss Allowance$420,000
Unbacked Noncurrent Loans$479,000
Real Estate Owned$117,000
Profit Margin - Quarterly
Return on Assets-3.91%
Return on Equity-23.01%
Interest Income$945,000
Skip to rates for:

Always verify rates and promotions with the bank or credit union. We are not First General Credit Union, we are a rate comparison website and can not provide official rates or promotions.

First General Credit Union Savings Account Rates

0.25%$100-Roth IRA Savings
0.25%$100-IRA Savings
0.25%$100-CESA Savings
0.15%$25-Share Account
0.15%--Christmas Club
0.15%--Vacation Club

First General Credit Union Money Market Rates

0.35%$16k-Money Market Account

First General Credit Union CD Rates

1.41%$1k-60 Month CD
1.12%$1k-48 Month CD
0.93%$1k-36 Month CD
0.69%$1k-24 Month CD
0.55%$1k-12 Month CD
0.50%$500-Kid's CD
0.48%$1k-6 Month CD
0.25%$1k-Save to Win 12 Month CD

First General Credit Union IRA Rates

1.41%$100-60 Month IRA
1.12%$100-48 Month IRA
0.93%$100-36 Month IRA
0.69%$100-24 Month IRA
0.55%$100-12 Month IRA
0.48%$100-6 Month IRA

First General Credit Union Locations
Branch Office589 E Ellis RdNorton Shores, MI 49441-5671
Branch Office121 W Western AveMuskegon, MI 49442-1084