More than 50 years after attaining $1 million in assets, Consumers Credit Union reached the $1 billion-asset milestone on earlier this year.
“I am so proud of our organization,” Kit Snyder, president and CEO of Consumers, said in a statement. “So happy that we are able to serve our members with exceptional products and services. This is a wonderful moment for our 89,000 share members and just a stepping stone for the good work ahead of us.”
The Kalamazoo, Mich.-based institution holds 19 offices and serves over 89,000 members across Michigan. Year-to-date, the credit union amassed $5,393,398 in net income and is well capitalized. It reached $1 billion in assets on May 31.
Reportedly averaging 18 percent annual growth for over 30 years, the credit union offers products such as business lending, mortgages and investment services. It also touts itself as being especially tech savvy, having rolled out online banking all the way back in 1997.
“In recent years our growth has been fueled through culture and performance,” Snyder said. “And while new technology is something we’re always pursuing, the other half of the equation is our outstanding people at Consumers.”
The credit union’s most recent call report shows a net income of $5.3 million during the first two quarters of 2018, following earnings of more than $12.2 million in 2017.