Michigan credit union receives regulatory approval to expand FOM
United Churches Credit Union in Taylor, Mich., has expanded its charter to serve anyone who worships in Wayne or Monroe counties.
The $18 million-asset credit union’s application was approved by the Michigan Department of Insurance and Financial Services in July, but the credit union did not announce the decision until this week.
When it was chartered in 1957, the field of membership for United Churches CU was designated as a specific group of churches in Dearborn, Dearborn Heights, Taylor and Allen Park. Credit union officials said the charter expansion will help it reach its goal of “growing its membership base beyond just that group of participating churches.”
Wayne County is the most populous county in Michigan.
“This is great news,” Susan Smith, United Churches Credit Union’s CEO, said in a statement. “We will now be able to serve people we believe United Churches has already been connected to for many years by offering and providing low cost loans and valuable services to a larger community. It also will help us remain a viable organization that can give back to an even greater number of worshippers by providing access to competitive financial products and financial education.”
United Churches Credit Union currently serves approximately 1,500 members via one branch.
In its most recent call report, United Churches CU’s net income was $61,848 for the first six months of this year, more than double what it earned for the same period a year earlier. As of June 30, it was well capitalized with a net worth ratio of 8.18%.