Southwest Michigan Credit Union is headquartered in Kalamazoo and is the 127th largest credit union in the state of Michigan. It is also the 1,900th largest credit union in the nation. It was established in 1940 and as of September of 2013, it had grown to 11 employees and 4,539 members. Southwest Michigan Credit Union's savings rates are 44% higher than the national average, and it has a A health rating.
The field of membership shall be limited to: -Persons who live, work, worship, or attend school in, and businesses and other legal entities located in the Counties of Kalamazoo, Calhoun, Barry, Allegan, VanBuren, Berrien, Cass, St. Joseph, and Branch, Michigan; -Spouses of persons who died while within the field of membership of the credit union; -Employees of the credit union; -Persons retired as pensioners or annuitants from the above employment; Members of their immediate families; -Organizations of such persons. - See Details
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of September 30, 2013 Southwest Michigan Credit Union had $140,000 in non-current loans and owned real-estate with $12.61 million in equity and loan loss allowances on hand to cover it. This gives Southwest Michigan Credit Union a Texas Ratio of 1.11% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Southwest Michigan Credit Union held steady from 1.01% as of September 30, 2012 to 1.11% as of September 30, 2013, resulting in a negative change of 10.32%. This indicates that the balance sheet and financial strength for Southwest Michigan Credit Union has held steady in recent periods.
In the past year, Southwest Michigan Credit Union has increased its total deposits by $384,000, resulting in 0.71% 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 Southwest Michigan 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. Southwest Michigan Credit Union has $68.67 million in assets with $12.61 million in equity, resulting in a capitalization level of 18.36%, which is excellent.
|Assets and Liabilities|
|Equity Capital||$12.45 million|
|Loan Loss Allowance||$154,000|
|Unbacked Noncurrent Loans||$140,000|
|Real Estate Owned||$0|
|Historic Data - September 2012|
|Equity Capital||$12.19 million|
|Loan Loss Allowance||$135,000|
|Unbacked Noncurrent Loans||$140,000|
|Real Estate Owned||$20,000|
|Profit Margin - Quarterly|
|Net Interest Margin||3.9%|
|Return on Assets||0.44%|
|Return on Equity||2.41%|
|Interest Income||$1.44 million|
Always verify rates and promotions with the bank or credit union. We are not Southwest Michigan Credit Union, we are a rate comparison website and can not provide official rates or promotions.
|0.50%||$50k||-||Super Money Market|
|1.60%||$3k||-||60 Month Share Certificate|
|1.40%||$3k||-||48 Month Share Certificate|
|0.70%||$3k||-||30 Month Share Certificate|
|0.45%||$1k||-||13 Month Share Certificate|
|0.30%||$1k||-||6 Month Share Certificate|
|1.60%||$3k||-||60 Month IRA Certificate|
|1.60%||$3k||-||60 Month Roth IRA Certificate|
|1.60%||$3k||-||60 Month Educational IRA Certificate|
|1.40%||$3k||-||48 Month IRA Certificate|
|1.40%||$3k||-||48 Month Roth IRA Certificate|
|1.40%||$3k||-||48 Month Educational IRA Certificate|
|0.70%||$3k||-||30 Month IRA Certificate|
|0.70%||$3k||-||30 Month Roth IRA Certificate|
|0.70%||$3k||-||30 Month Educational IRA Certificate|
|0.45%||$1k||-||13 Month IRA Certificate|
|0.45%||$1k||-||13 Month Roth IRA Certificate|
|0.45%||$1k||-||13 Month Educational IRA Certificate|
|0.30%||$1k||-||6 Month IRA Certificate|
|0.30%||$1k||-||6 Month Roth IRA Certificate|
|0.30%||$1k||-||6 Month Educational IRA Certificate|
|Southwest Michigan Credit Union Locations|
|Branch Office||74 Washington Ave N||Battle Creek, MI 49037-3085|
|Branch Office||320 Columbia Ave E||Battle Creek, MI 49015-4460|
|Branch Office||4000 S Sprinkle Rd||Kalamazoo, MI 49001-0818|