Overview / Commentary
First Area CU (MI) is headquartered in Saginaw and is the 145th largest credit union in the state of Michigan. It is also the 2,573rd largest credit union in the nation. It was established in 1961 and as of June of 2024, it had grown to 8 employees and 3,244 members at 2 locations. First Area CU (MI)'s money market rates are 7X the national average, and it has a B health rating.
Field of Membership Restrictions
First Area Credit Union of Michigan is open to those who live, work, worship, or attend school in Saginaw County, Michigan. Immediate family members of current credit union members also qualify for membership.
See current membership details
Health
B
Data as of Q2 2024
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 | 8 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | -0.2% |
| Return on Equity - YTD | -3.38% |
| Annual Interest Income | $697K |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $43.3MM$42.9MM |
| Loans | Q2 2024vs Q2 2023 | $17.5MM$16.2MM |
| Deposits | Q2 2024vs Q2 2023 | $40.8MM$40.8MM |
| Equity Capital | Q2 2024vs Q2 2023 | $2.4MM$1.9MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $47K$73K |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $7K$17K |
| Real Estate Owned | Q2 2024vs Q2 2023 | $0$0 |