Sep, 30, 2025 — MICHIGAN FIRST CREDIT UNION is a federally insured state chartered credit union headquartered in LATHRUP VILLAGE, MI with 32 branch locations and about $1.45 billion in total assets. Opened 100 years ago in 1926, MICHIGAN FIRST CREDIT UNION has about 164,201 members and employs 511 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | MICHIGAN FIRST CREDIT UNION |
|---|---|
| Address: (Main Office) | 27000 Evergreen Rd LATHRUP VILLAGE, MI 48076-3231 |
| Phone: | (248) 443-4600 |
| Fax: | |
| Website: | https://www.michiganfirst.com |
| Branches: | 32 branch locations |
| Members: | 164,201 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 60522 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1926 |
| Last Audited: | Dec 01, 2024 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $1,450,379,694 |
| CEO/Manager: | Jennifer Borowy |
| Chairperson: | Linda L Height |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 83,766,032 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 6,791,032 |
| Real Estate Loans | 581,378,656 |
| Unsecured Loans | 114,449,602 |
| Other Loans | 363,604,937 |
| TOTAL LOANS | 1,059,556,805 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -12,765,619 |
| Land And Building | 61,925,266 |
| Other Fixed Assets | 12,632,460 |
| NCUSIF (National Credit Union Share Insurance Fund) Deposit | 10,105,207 |
| All Other Assets | 2,144,995 |
| TOTAL ASSETS | 1,450,379,694 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 114 |
| Notes & Interest Payable | 160,000,000 |
| Accounts Payable & Other Liabilities | 30,136,956 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 251,645,071 |
| Regular shares | 490,798,807 |
| All Other Shares & Deposits | 304,552,519 |
| TOTAL SHARES & DEPOSITS | 1,046,996,397 |
| TOTAL LIABILITIES | 1,237,143,031 |
| Regular Reserve | 0 |
| Other Reserves | 25,641,104 |
| Undivided Earnings | 187,595,559 |
| TOTAL EQUITY | 213,236,663 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 1,450,379,694 |
| INCOME & EXPENSE | |
| Loan Income | 52,727,499 |
| Investment Income | 7,971,114 |
| Other Income | 25,170,848 |
| Total Employee Compensation & Benefits | 36,319,474 |
| NCUSIF (National Credit Union Share Insurance Fund) Premiums Expense | 0 |
| Total Other Operating Expenses | 35,822,891 |
| Non-operating Income & (Expense) | 588,015 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 8,493,749 |
| Cost of Funds | 12,841,900 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 8,907,109 |
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