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Overview / Commentary
201 Locust St
Cheboygan, MI 49721

Straits Area Credit Union is headquartered in Cheboygan and is the 125th largest credit union in the state of Michigan. It is also the 1,897th largest credit union in the nation. It was established in 1951 and as of March of 2014, it had grown to 25 employees and 11,920 members. Straits Area Credit Union's savings rates are 3X the national average, and it has a C+ health rating.

Field of Membership Restrictions

Must live or work in Cheboygan County. - See Details

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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. Straits Area 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 Straits Area Credit Union had $998,000 in non-current loans and owned real-estate with $6.56 million in equity and loan loss allowances on hand to cover it. This gives Straits Area Credit Union a Texas Ratio of 15.21% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend


The Texas Ratio for Straits Area Credit Union experienced no significant changes from 14.68% as of March 31, 2013 to 15.21% as of March 31, 2014, resulting in a negative change of 3.61%. This indicates that the balance sheet and financial strength for Straits Area Credit Union has had no significant changes in recent periods.

Deposit Growth


In the past year, Straits Area Credit Union has increased its total deposits by $4.18 million, resulting in 7.02% 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 Straits Area Credit Union has shown is excellent.



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. Straits Area Credit Union has $70.54 million in assets with $6.56 million in equity, resulting in a capitalization level of 9.30%, which is average.

Institution Statistics

NCUA #7428
Year Chartered1951
Primary Regulator
Assets and Liabilities
Assets$70.54 million
Loans$34.09 million
Deposits$63.67 million
Equity Capital$6.28 million
Loan Loss Allowance$288,000
Unbacked Noncurrent Loans$321,000
Real Estate Owned$677,000
Historic Data - March 2013
Assets$65.98 million
Equity Capital$5.94 million
Loan Loss Allowance$204,000
Unbacked Noncurrent Loans$321,000
Real Estate Owned$558,000
Profit Margin - Quarterly
Net Interest Margin1.58%
Return on Assets1.13%
Return on Equity12.69%
Interest Income$656,000
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Straits Area Credit Union Savings Account Rates

1.51%--IRA Account
0.50%$50k$999kRegular Shares

Straits Area Credit Union CD Rates

1.10%$1k-3 Year CD
0.90%$1k-2 Year CD
0.65%$1k-1 Year CD
0.50%$1k-9 Month CD
0.35%$1k-6 Month CD
0.20%$500-3 Month CD

Straits Area Credit Union Locations
Branch Office6000 28th St SEGrand Rapids, MI 49546
Branch Office121 E Central AveMackinaw City, MI 49701
Branch Office201 Locust StCheboygan, MI 49721
Branch Office6090 M 68Indian River, MI 49749