Overview / Commentary
Michigan Legacy Credit Union is headquartered in Wyandotte and is the 74th largest credit union in the state of Michigan. It is also the 1,214th largest credit union in the nation. It was established in 1946 and as of June of 2024, it had grown to 63 employees and 20,922 members at 5 locations. Michigan Legacy Credit Union has a B+ health rating.
Field of Membership Restrictions
Michigan Legacy Credit Union is open to those who live, work or own a business, attend school or worship in Oakland, Wayne, Macomb, Livingston or Monroe Counties in Michigan. (Eligibility requirements are posted in the online application)
See current membership details
Health
B+
Data as of Q2 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 62642 |
| Year Chartered | 1946 |
| Employees | 63 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.78% |
| Return on Equity - YTD | 6.67% |
| Annual Interest Income | $4.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2024vs Q2 2023 | $215.7MM$233.3MM |
| Loans | Q2 2024vs Q2 2023 | $154.6MM$162.8MM |
| Deposits | Q2 2024vs Q2 2023 | $189.5MM$209.5MM |
| Equity Capital | Q2 2024vs Q2 2023 | $25.3MM$22.9MM |
| Loan Loss Allowance | Q2 2024vs Q2 2023 | $101K$376K |
| Unbacked Noncurrent Loans | Q2 2024vs Q2 2023 | $952K$336K |
| Real Estate Owned | Q2 2024vs Q2 2023 | $33K$0 |