PLYMOUTH, Mich. NCUA on Friday said it approved Community Financial Community FCU’s bid to convert to a state charter serving almost 6 million people in 23 Michigan counties, the broadest community charter ever granted a credit union.
The new state charter will enable the $510-million credit union, one of three Michigan credit unions converting to state charters last month, to serve Alcona, Alpena, Antrim, Charlevoix, Cheboygan, Crawford, Emmet, Genesee, Ingham, Jackson, Kalkaska, Lapeer, Lenawee, Livingston, Macomb, Monroe, Montmorency, Oakland, Oscoda, Otsego, Presque Isle, Washtenaw, and Wayne counties.
Community Financial, chartered in 1951 to serve employees of Daisy Air Rifle Company in Plymouth, reported $9.1 million in net income for 2012 and net worth of more than 12%. The vast FOM exceeds the huge expansion granted in 2007 by NCUA to Kinecta FCU to serve 5.5 million underserved people in greater Los Angeles as the biggest FOM ever granted. That does not count the state charters in Washington, which are authorized to serve any of the state’s 6.8 million residents.
Two other Michigan credit unions obtained large FOM expansions by converting charters last month:
* Wyandotte FCU, a $90-million credit union serving 110 select groups, obtained a community charter serving 3 million people in Wayne, Monroe, Allegan, Ottawa and Kent counties, and changed its name to NuPath Community CU.
* Lansing Automakers FCU, a $530-million credit union predominantly serving the automotive industry, now will serve 800,000 people in eight surrounding counties and be known as Lansing Automakers Financial CU, in order to retain the LAFCU moniker.