DFCU Financial

Last updated
DFCU Financial
Type Credit union
Industry Financial services
Founded1950
Headquarters Dearborn, Michigan, United States
Key people
Jim Cowper, Chairman of the Board
Ryan Goldberg, President and CEO
Products Savings; checking; consumer loans; mortgages; credit cards; online banking
Total assets $6.5 billion USD (2021)
Website dfcufinancial.com

DFCU Financial is a state-chartered credit union headquartered in Dearborn, Michigan, regulated by Michigan's Department of Licensing and Regulatory Affairs (LARA). [1] DFCU Financial is one of Michigan's largest credit unions. As of October 2021, DFCU Financial had approximately $6 billion in assets, 232,000 members, and 27 branches in Metro Detroit, Ann Arbor, Grand Rapids and Lansing. [2] [3]

Contents

Eligibility for membership is extended to anyone who lives, works or worships in the 68 counties of the Lower Peninsula of Michigan. Member deposits up to $250,000 in DFCU Financial are insured through the National Credit Union Share Insurance Fund.

History

Ford Engineering Employees Federal Credit Union was founded by employees of Ford Motor Company Engineering and Styling in February 1950. The Dearborn, Michigan, credit union changed its name to Ford Dearborn Federal Credit Union in 1954 and then to Dearborn Federal Credit Union in 1960. In 2003, the credit union renamed itself DFCU Financial. [4]

Bank conversion opposition

In December 2005, DFCU announced that it was seeking to convert to a mutual savings bank in order to expand geographically. [5] NCUA initially rejected the member ballots that DFCU wanted to use for the conversion vote. [6] In March 2006, the credit union mailed ballots to its members, enticing them to vote with cash prizes of up to $5000. [7] DFCU encountered strong opposition to its conversion plans from its membership and the credit union community. [8] Michigan Governor Jennifer Granholm, herself a member of DFCU, urged the membership to carefully review the credit union's disclosures. [9] DFCU spent $1.2 million in its efforts to convince its membership to vote for the conversion and refused to release minutes from meetings of the Board of Directors to the membership. Members of the credit union formed a group called DFCU Owners United to oppose the conversion. [10] The member group gathered 1762 signatures on a petition to recall the Board of Directors. After receiving the petition, DFCU withdrew its application to convert to a bank. [11] Despite being required by its bylaws to hold a special membership meeting within 30 days of receiving the petition, DFCU refused to do so based on federal law. [12] Members filed a lawsuit against the credit union and a Michigan court ruled in favor of the members in March 2008. [13]

Recent mergers

In 2009, DFCU Financial merged with CapCom Credit Union. [14] CapCom was founded in the 1930s as the Municipal Employees Credit Union by firemen in Lansing to serve municipal employees. The Municipal Employees Credit Union grew through mergers over the years, most recently merging with Citizens Choice, Spartan Stores, Allied Builders & Contractors and Capital Community Credit Union/LSI Financial. The merger was approved by NCUA in November 2008. The merger required approval from DFCU Financial members, since the CapCom state charter was going to be the surviving charter. The vote was approved by the DFCU Financial membership, and on March 1, 2009, the merger was finalized.

An official letter announcing a merger with MidWest Financial Credit Union of Ann Arbor was mailed to members on June 15, 2010. MidWest Financial had been formed to serve employees of the University of Michigan Health System. Members of MidWest Financial approved this merger effective October 1, 2010. The computer system integration was completed on March 28, 2011. [15] With this merger, DFCU Financial gained a presence in Washtenaw County with five branch locations.

Operations

DFCU Financial operates neighborhood branches and ATMs in several Michigan communities. Southeast Michigan neighborhood locations include: Ann Arbor, Canton, Commerce Township, Dearborn, Garden City, Livonia, Madison Heights, Novi, Plymouth, Riverview and Ypsilanti.

Outside of Southeast Michigan, DFCU Financial has three neighborhood branches in Lansing and four in Grand Rapids that were acquired with the merger of the former CapCom Credit Union. DFCU Financial recently announced in July 2011 that its branch in Greenville also acquired from CapCom Credit Union would close in August. [16]

In addition to neighborhood branch locations, DFCU Financial also operates branches on the campus of the University of Michigan Health System in Ann Arbor. ATMs are also found in some local workplaces, including hospitals, Ford Motor Company sites in Dearborn, and GE Avionics in Kentwood. [17]

Related Research Articles

Pentagon Federal Credit Union, widely known by its abbreviated name PenFed, is a United States federal credit union headquartered in McLean, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA). PenFed is the nation's third largest federal credit union, with assets of $25 billion and more than 1.8 million members as of July 2018.

<span class="mw-page-title-main">Security Service Federal Credit Union</span>

Security Service Federal Credit Union (SSFCU) is a credit union headquartered in San Antonio, Texas, federally chartered and federally insured by the National Credit Union Administration (NCUA). With more than $10.5 billion in assets, Security Service serves more than 800,000 members, and operates 66 locations throughout Texas, Colorado and Utah. Security Service is the largest credit union in San Antonio, Texas, and is among the largest credit unions in the United States. The credit union provides access to more than 5,000 credit union locations nationwide through the CU Service Centers shared branching network.

iTHINK Financial was formed in 1969 to serve the employees of IBM. iTHINK Financial is a state chartered, federally insured credit union with more than $1.5 billion in assets and more than 95,000 Members. iTHINK Financial has 22 branches located throughout Florida and Georgia and approximately 380 employees. iTHINK Financial’s headquarters are located in Delray Beach, Florida.

The Michigan State University Federal Credit Union (MSUFCU) is a credit union headquartered in East Lansing, Michigan. Primarily serving students and alumni of Michigan State University and Oakland University, MSUFCU is federally chartered and regulated by the National Credit Union Administration (NCUA). MSUFCU is the largest university-based credit union in the world, and the second-largest credit union in Michigan.

<span class="mw-page-title-main">Credit unions in the United States</span>

Credit unions in the United States served 100 million members, comprising 43.7% of the economically active population, in 2014. U.S. credit unions are not-for-profit, cooperative, tax-exempt organizations. The clients of the credit unions become partners of the financial institution and their presence focuses in certain neighborhoods because they center their services in one specific community. As of March 2020, the largest American credit union was Navy Federal Credit Union, serving U.S. Department of Defense employees, contractors, and families of servicepeople, with over $125 billion in assets and over 9.1 million members. Total credit union assets in the U.S. reached $1 trillion as of March 2012. Approximately 236,000 people were directly employed by credit unions per data derived from the 2012 National Credit Union Administration (NCUA) Credit Union Directory. As of 2019, there were 5,236 federally insured credit unions with 120.4 million members, and deposits of $1.22 trillion.

<span class="mw-page-title-main">Wings Credit Union</span> Non-profit credit union

Wings Credit Union is a not-for-profit, member-owned credit union headquartered in Apple Valley, Minnesota. With assets of $8.4 billion, the credit union serves eligible Minnesota and Wisconsin counties, the metro areas of Seattle/Tacoma, Detroit, Orlando, Atlanta and employees in the air transportation industry nationwide. Wings was chartered in 1938 and is regulated by the National Credit Union Administration (NCUA).

<span class="mw-page-title-main">Stanford Federal Credit Union</span>

Stanford Federal Credit Union is a federally chartered credit union located in Palo Alto, California. It provides banking services to the Stanford community. Stanford FCU has over $3.6 billion in assets and serves over 80,000 members.

<span class="mw-page-title-main">USA Federal Credit Union</span>

United Services of America Federal Credit Union was a credit union headquartered in San Diego, California, chartered and regulated under the authority of the National Credit Union Administration (NCUA) of the U.S. federal government.

<span class="mw-page-title-main">Tropical Financial Credit Union</span>

Tropical Financial Credit Union (TCFU) is a member-owned credit union that was chartered in 1935 and is headquartered in Miramar, Florida. TFCU is regulated under the authority of the National Credit Union Administration (NCUA).

Call Federal Credit Union is a federally insured, not-for-profit financial cooperative headquartered in Richmond, Virginia. It is regulated under the authority of the National Credit Union Administration (NCUA) of the U.S. federal government. Call Federal Credit Union is the second-largest Richmond-based credit union. As of December 31, 2022, Call Federal Credit Union had $522 million USD in assets and 30,000 members. In accordance with the Federal Credit Union Act of 1934, Call Federal Credit Union is a tax-exempt, federally chartered, federally insured, not-for-profit financial cooperative. Call Federal Credit Union accounts are insured up to $250,000 through the NCUA, which is comparable to the insurance provided to accounts at traditional banks via the Federal Deposit Insurance Corporation.

<span class="mw-page-title-main">Lake Trust Credit Union</span>

Lake Trust Credit Union is a community-based credit union headquartered in Brighton, Michigan. It is a not-for-profit financial cooperative owned by members of the credit union and regulated under the authority of the National Credit Union Administration (NCUA). The organization is governed and supervised by an 18-member board of directors. The earliest predecessor of Lake Trust Credit Union was Detroit Edison Credit Union, which was chartered in 1944. In 2010, Detroit Edison merged with NuUnion Credit Union to establish Lake Trust Credit Union.

<span class="mw-page-title-main">Michigan Schools and Government Credit Union</span>

The Michigan Schools and Government Credit Union (MSGCU) is headquartered in Clinton Township, Michigan, and has a membership size of more than 137,000 and assets of over $3 billion as of December 2021. MSGCU was founded in 1954 and is a not-for-profit financial institution, which is owned and operated by its members. The credit union is regulated under the authority of the National Credit Union Administration (NCUA), which means its members' deposits are federally insured up to $250,000. Michigan Schools and Government Credit Union currently has 17 branches located throughout Macomb, Oakland, and Wayne counties. It also belongs to the CO-OP Network of ATMs and Credit Union Service Centers. This network allows members to utilize more than 30,000 surcharge-free ATMs and 5,600 Service Centers nationwide.

<span class="mw-page-title-main">First Entertainment Credit Union</span> Credit union in California

First Entertainment Credit Union is a state-chartered, natural person (retail) credit union – a cooperative financial institution that is owned and controlled by its members and operated for the purpose of providing credit at competitive rates and other financial services to its members. Headquartered in Hollywood, California, First Entertainment Credit Union is regulated under the authority of both the California Department of Financial Protection and Innovation (DFPI) and the National Credit Union Administration (NCUA), an agency of the U.S. federal government.

<span class="mw-page-title-main">Genisys Credit Union</span>

Genisys Credit Union is a credit union based in Auburn Hills, Michigan.

<span class="mw-page-title-main">Actors Federal Credit Union</span>

Actors Federal Credit Union (ActorsFCU) is an American federally chartered credit union—a cooperatively run, not-for-profit financial institution, owned and controlled by its members. Based in New York City, New York, ActorsFCU is regulated and insured by the National Credit Union Administration (NCUA), an agency of the U.S. Federal Government comparable to the Federal Deposit Insurance Corporation. It is the 49th largest credit union in the state of New York and the 993rd largest credit union in the nation. It has an overall health score at DepositAccounts.com of a B, with a B+ Texas ratio. Currently led by Daniel Czerniawski, ActorsFCU serves over 22,000 members of more than 190 organizations nationwide with assets of more than $180,000,000. ActorsFCU has 44 full-time employees and 4 part-time employees with a main office and 4 branch offices.

Frontwave Credit Union is a not-for-profit credit union that is licensed and regulated under the authority of the California Department of Financial Protection and Innovation.

<span class="mw-page-title-main">UMassFive College Federal Credit Union</span>

UMassFive College Federal Credit Union is a non-profit financial co-operative headquartered in Hadley, Massachusetts and provides personal and business banking products and services to communities in Western Massachusetts and at the UMass Chan Medical School in Worcester. Founded by employees of the University of Massachusetts to serve UMass Amherst employees and their families, membership was expanded to cover the Five College Consortium in 1971. Over the years they have expanded membership to many local businesses and groups, with 6 branches serving communities in Western Massachusetts and Worcester.

Langley Federal Credit Union or is a US credit union headquartered in Newport News, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA). Langley FCU is one of the 100 largest credit unions in the United States. As of November 2022, Langley FCU has $5.1 billion USD in assets and over 351,000 members. The credit union has 21 branches in the Hampton Roads area of Virginia.

Workers Credit Union is a state-chartered credit union headquartered in Littleton, Massachusetts. The credit union was established in Fitchburg, Massachusetts in 1914, has more than $2.6 billion in assets, over 124,000 members, and operates sixteen full-service branches located in Athol, Chelmsford, Fitchburg, Gardner, Groton, Hudson, Lancaster, Leominster, Lunenburg, Orange, Townsend, Westford, Worcester, and Lowell. As the organization is a federally insured state-chartered credit union, Workers Credit Union is regulated by the National Credit Union Administration (NCUA). Workers Credit Union was officially chartered in 1914 and was assigned the NCUA charter number 66479.

<span class="mw-page-title-main">California Credit Union</span> Financial services company

California Credit Union (CCU), previously known as the Los Angeles Teachers Credit Union, is a state-chartered credit union in Southern California that focuses on providing financial services to residents of three Southern California counties as well as teachers and others in the education community.

References

  1. ↑ OFIR Detailed Information for a Credit Union – DFCU Financial, Michigan Department of Licensing and Regulatory Affairs, archived from the original on March 20, 2012, retrieved May 12, 2011
  2. ↑ Updated Corporate Profile from Midwest Merger page. DFCU Financial.
  3. ↑ DFCU Financial plans to acquire Midwest Financial FCU [ permanent dead link ], Credit Union National Association, June 16, 2010
  4. ↑ Journal Daily. Banking Wire. 21 January 2003.
  5. ↑ Watt, Chad Eric. Start-up bank files for state charter in Royse City. Dallas Business Journal. 30 December 2005.
  6. ↑ Roberts, Ed. Conversion Bid Could Head To Capitol Hill. Credit Union Journal. 6 February 2006.
  7. ↑ Ortiz, Lauralee. Conversion Voting Packets Mailed: CU, Opponents Now Try To Win Votes For Their Side. Banking Wire. 7 April 2006.
  8. ↑ Diekmann, Frank J. 2 Cos. Worth Praising, 1 CU Turning Point Worth Noting. Credit Union Journal. 27 March 2006.
  9. ↑ Gov. Granholm to DFCU Financial Members: 'Carefully Review the Disclosures That Will Be Mailed to You by the Credit Union ... and Determine for Yourselves What Is in the Best Interest of You, the Members of the Credit Union.'. PR Newswire. 30 March 2006.
  10. ↑ Ortiz, Lauralee. What Members Are Also Alleging. Credit Union Journal. 17 April 2006.
  11. ↑ Ortiz, Lauralee. DFCU Financial Withdraws Bid To Convert To Bank: Group Is Proceeding With Plan To Recall The Board. Credit Union Journal. 24 April 2006.
  12. ↑ Ortiz, Lauralee. The Michigan Case: DFCU Conversion Attempt Controversy Still Boiling. Credit Union Journal. 6 November 2006.
  13. ↑ Morrison, David. CU-to-Bank Charter Changes Dwindled as 2008 Came to a Close. Credit Union Times. 24 December 2008.
  14. ↑ Sanchez, Mark. DFCU Financial targets ambitious growth. West Michigan Business. 23 July 2009.
  15. ↑ DFCU Financial.DFCU Financial website
  16. ↑ Greenville Branch Closing Notification, DFCU Financial, retrieved July 25, 2011
  17. ↑ Branch & ATM Locations, DFCU Financial, retrieved May 5, 2011
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.