Overview / Commentary
Michigan First Credit Union is headquartered in Lathrup Village and is the 16th largest credit union in the state of Michigan. It is also the 307th largest credit union in the nation. It was established in 1926 and as of December of 2022, it had grown to 475 employees and 187,715 members at 28 locations. Michigan First Credit Union has a B+ health rating.
Field of Membership Restrictions
Michigan First Credit Union membership is open to those who live, worship or work within the state of Michigan.
See current membership details
Health
B+
Data as of Q4 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 60522 |
| Year Chartered | 1926 |
| Employees | 475 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.03% |
| Return on Equity - YTD | 9.82% |
| Annual Interest Income | $54.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2022vs Q4 2021 | $1.48B$1.48B |
| Loans | Q4 2022vs Q4 2021 | $1.08B$915.6MM |
| Deposits | Q4 2022vs Q4 2021 | $1.10B$1.24B |
| Equity Capital | Q4 2022vs Q4 2021 | $156.7MM$169.9MM |
| Loan Loss Allowance | Q4 2022vs Q4 2021 | $9.4MM$8.8MM |
| Unbacked Noncurrent Loans | Q4 2022vs Q4 2021 | $6.8MM$5.3MM |
| Real Estate Owned | Q4 2022vs Q4 2021 | $0$250.00K |
