It's another milestone for MSUFCU.
Michigan State University Federal Credit Union of East Lansing, Mich., announced it reached $4 billion in assets as of March 31, 2018. That figure comes along with a bevvy of positive growth statistics for the world's largest university-based credit union, including year-over-year loan growth of more than 19 percent, member growth of nearly 9 percent and 13 percent asset growth.
Early Spring celebrations of this sort are getting to be a habit for the credit union. In March 2017, MSUFCU celebrated reaching $1 billion in mortgage loans.
Looking forward, MSUFCU said it plans rebrand its youth accounts and open two additional branches in metro Detroit. Late last year, the credit union experimented with a "pop-up shop" as a possible way to introduce itself into markets where it hopes to increase its presence. There is no word on whether that strategy will be used with the new Detroit-area locations.
“Our tremendous growth is due to the support of our members, dedication of our employees and strength of our community,” April Clobes, MSUFCU’s president and CEO, said in a statement. “Our success is made possible because of those who support us, and we will continue to serve them with superior service, secure and convenient account access, innovative products and services, and philanthropic support for organizations that help make our communities places we are proud to live and work.”
MSUFCU posted net income of about $43.4 million in 2017, up from $31.5 million in the prior year.