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Overview / Commentary
586-263-8800
40400 Garfield Rd
Clinton Township, MI 48038-4004

Michigan Schools And Government Credit Union is headquartered in Clinton Township and is the 7th largest credit union in the state of Michigan. It is also the 123rd largest credit union in the nation. It was established in 1954 and as of March of 2014, it had grown to 231 employees and 91,284 members. Michigan Schools And Government Credit Union's savings rates are 15% higher than the national average, and it boasts a A+ health rating.

Field of Membership Restrictions

Membership is open to employees and members of several organizations located within 25 miles of the credit union's offices. Also eligible to join are relatives of individuals who are members or who are eligible to be members. Please see the credit union's Membership page for the full details. Membership requires a minimum deposit of $5 into the savings account. - See Details

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Health

Data for Q1 2014

Institution Health

A+

Texas Ratio

GRADE:
A+

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 Michigan Schools And Government Credit Union had $7.61 million in non-current loans and owned real-estate with $169.48 million in equity and loan loss allowances on hand to cover it. This gives Michigan Schools And Government Credit Union a Texas Ratio of 4.49% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
C+

The Texas Ratio for Michigan Schools And Government Credit Union experienced no significant changes from 4.43% as of March 31, 2013 to 4.49% as of March 31, 2014, resulting in a negative change of 1.37%. This indicates that the balance sheet and financial strength for Michigan Schools And Government Credit Union has had no significant changes in recent periods.

Deposit Growth

GRADE:
A+

In the past year, Michigan Schools And Government Credit Union has increased its total deposits by $151.03 million, resulting in 13.47% 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 Michigan Schools And Government Credit Union has shown is excellent.

Capitalization

GRADE:
A

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. Michigan Schools And Government Credit Union has $1.51 billion in assets with $169.48 million in equity, resulting in a capitalization level of 11.19%, which is excellent.

Institution Statistics

Overall
NCUA #62049
Year Chartered1954
Employees231
Primary Regulator
Assets and Liabilities
Assets$1.51 billion
Loans$1.10 billion
Deposits$1.27 billion
Equity Capital$152.95 million
Loan Loss Allowance$16.54 million
Unbacked Noncurrent Loans$6.79 million
Real Estate Owned$823,000
Historic Data - March 2013
Assets$1.27 billion
Equity Capital$137.92 million
Loan Loss Allowance$15.31 million
Unbacked Noncurrent Loans$6.79 million
Real Estate Owned$550,000
Profit Margin - Quarterly
Net Interest Margin1.14%
Return on Assets0.96%
Return on Equity9.49%
Interest Income$13.99 million
Rates
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Michigan Schools And Government Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.60%--Health Savings Account
0.45%$90k-Gold Share Account
0.30%$40k-Silver Share Account
0.30%--IRA Account
0.30%--SEP IRA Account
0.30%--CESA Account
0.30%--Roth IRA Account
0.25%--Holiday Club
0.15%--Regular Share
0.15%--You-Name-It Share Account
0.15%$100-Business Savings Account

Michigan Schools And Government Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.25%$250k-Business Checking
0.20%$25k-Money Market Checking

Michigan Schools And Government Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.80%$500-5 Year CD
1.40%$500-4 Year CD
1.20%$500-3 Year CD
1.00%$500-2 Year CD
0.70%$250-2 Year Grow with Me CD
0.65%$500-1 Year CD
0.40%$500-6 Month CD
0.40%$250-1 Year Grow with Me CD
0.25%$250-6 Month Grow with Me CD

Michigan Schools And Government Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
1.80%$500-5 Year IRA
1.40%$500-4 Year IRA
1.20%$500-3 Year IRA
1.00%$500-2 Year IRA
0.65%$500-1 Year IRA
0.40%$500-6 Month IRA
Locations

Michigan Schools And Government Credit Union has 11 locations. Click to view all Michigan Schools And Government Credit Union locations.