Overview / Commentary
First Area CU (MI) is headquartered in Saginaw and is the 162nd largest credit union in the state of Michigan. It is also the 2,802nd largest credit union in the nation. It was established in 1961 and as of June of 2020, it had grown to 7 employees and 3,799 members at 2 locations. First Area CU (MI) has a B+ health rating.
Field of Membership Restrictions
First Area Credit Union of Michigan is open to the residents, church members, registered students, and people that maintain employment within Saginaw County and the family members of current credit union members.
See current membership details
Health
B+
Data as of Q2 2020
Learn why bank health mattersAdditional Factors: Institutions with a small asset base, a short operating history, or negative return on assets can represent an instability risk beyond what their financial ratios indicate. First Area CU (MI) has a low asset base.
Health Grade Components
| Overall | |
|---|---|
| NCUA # | 61756 |
| Year Chartered | 1961 |
| Employees | 7 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.35% |
| Return on Equity - YTD | 2.95% |
| Annual Interest Income | $574.00K |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $35.0MM$29.3MM |
| Loans | Q2 2020vs Q2 2019 | $17.9MM$19.1MM |
| Deposits | Q2 2020vs Q2 2019 | $31.1MM$25.6MM |
| Equity Capital | Q2 2020vs Q2 2019 | $3.9MM$3.7MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $214.00K$182.00K |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $140.00K$78.00K |
| Real Estate Owned | Q2 2020vs Q2 2019 | $0$51.00K |