Sep, 30, 2025 — MICHIGAN EDUCATIONAL CREDIT UNION is a federally insured state chartered credit union headquartered in PLYMOUTH, MI with 6 branch locations and about $1.07 billion in total assets. Opened 84 years ago in 1942, MICHIGAN EDUCATIONAL CREDIT UNION has about 47,820 members and employs 87 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 EDUCATIONAL CREDIT UNION |
|---|---|
| Address: (Main Office) | 9200 N Haggerty Rd PLYMOUTH, MI 48170-4633 |
| Phone: | (734) 455-9200 |
| Fax: | (734) 416-5256 |
| Website: | https://www.michedcu.org |
| Branches: | 6 branch locations |
| Members: | 47,820 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 60931 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1942 |
| Last Audited: | Dec 01, 2024 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $1,074,197,260 |
| CEO/Manager: | Robert Sandercock |
| Chairperson: | Alonzo Glaze |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 93,730,498 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 0 |
| Real Estate Loans | 269,267,849 |
| Unsecured Loans | 27,409,112 |
| Other Loans | 192,187,900 |
| TOTAL LOANS | 488,864,861 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -3,632,781 |
| Land And Building | 5,874,511 |
| Other Fixed Assets | 1,257,962 |
| NCUSIF (National Credit Union Share Insurance Fund) Deposit | 9,180,318 |
| All Other Assets | 0 |
| TOTAL ASSETS | 1,074,197,260 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 598,024 |
| Notes & Interest Payable | 0 |
| Accounts Payable & Other Liabilities | 8,487,552 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 159,897,830 |
| Regular shares | 527,797,307 |
| All Other Shares & Deposits | 264,476,857 |
| TOTAL SHARES & DEPOSITS | 952,171,994 |
| TOTAL LIABILITIES | 961,257,570 |
| Regular Reserve | 0 |
| Other Reserves | -12,827,184 |
| Undivided Earnings | 125,766,874 |
| TOTAL EQUITY | 112,939,690 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 1,074,197,260 |
| INCOME & EXPENSE | |
| Loan Income | 17,710,088 |
| Investment Income | 10,176,865 |
| Other Income | 1,096,086 |
| Total Employee Compensation & Benefits | 9,843,095 |
| NCUSIF (National Credit Union Share Insurance Fund) Premiums Expense | 0 |
| Total Other Operating Expenses | 9,901,902 |
| Non-operating Income & (Expense) | 0 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 500,000 |
| Cost of Funds | 7,766,842 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 3,047,313 |
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