Thoughts from 2018

For a number of years, one obstacle has been a constant challenge for us. Frankly, it is a challenge that most businesses and organizations would like to have. The issue is growth and we are thankful we have this issue!

Your team at the Credit Union works very hard to serve our members at the highest possible level. We have a team of about 450 that now serves over 150,000 members at more than 30 facilities, an around-the-clock Call Center, and through a variety of robust technology channels. Disney has a saying, “We strive for perfection. We settle for excellence. Good enough is never good enough.” Perfection is what we strive for as we perform millions of member transactions and interactions. We don’t always get it right, but rest assured our commitment is to always do the right thing for our members.

Here are some of the growth actions and success highlights from 2018:

  • Total membership now exceeds 150,000 and total assets are greater than $915 million. This represents a growth of over $50 million during the year.
  • More than $175 million in consumer loans were granted to members.
  • Our 365 Live Call Center continues to serve members around-the-clock and total calls for the year were over 600,000.
  • More than 96% of members were served within seven minutes at our teller lines.
  • Over 86% of members visiting our financial service representatives received service within 10 minutes. This represents almost 170,000 visits to our branches, a record number. As more and more members come to visit us, our biggest challenge is branch capacity.
  • A new relationship started with Walmart this year. Walmart is one of the top locations where our members spend money. Five new Walmart branch locations were opened in Okemos, Novi, Commerce, Canton, and Troy. Our convenient in-store branch locations now total nine in Kroger stores and five in Walmart stores.
  • Members continue to contact and buy policies through the Michigan First Insurance Agency at record numbers. Our objective is to help members find more reasonably priced insurance of all types. We recognize that not all members can get lower prices all the time, but we encourage members to keep trying as circumstances and carriers may change. Total annual premiums now total over $6 million in just over two short years of being in business.
  • The Michigan First Mortgage team, a division of the Credit Union, has grown significantly during the year. A new location was opened in downtown Plymouth. Total loan originations for the year were about $150 million.
  • Lastly, our new headquarters addition in Lathrup Village was completed. This will give our team much needed expansion space to keep up with all the growth for many years to come.

During 2019, expect to see:

  • Four more Walmart locations, including three in the Grand Rapids area.
  • Continued growth within Michigan First Mortgage and Michigan First Insurance Agency.
  • Even more features added to our mobile app, which will make your banking even easier.

For many years now, you have continued to provide us additional business, referrals, and great loyalty. Thank you for the opportunity to serve you, as it truly is a privilege. On behalf of the Board of Directors, Supervisory Committee, and the entire Michigan First team, I wish you a safe, healthy, and prosperous 2019.

By Michael Poulos, President/CEO

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