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Michigan Credit Union League

Three Michigan Credit Unions Place Among Top 50 Performers in 2018

According to S&P Global, an American information and analytics corporation, three Michigan credit unions placed in the top 50 performing credit unions in the country in 2018.

Lake Michigan Credit Union placed second best-performing credit union in the United States last year, behind only United States Senate Federal Credit Union. The Grand Rapids-based credit union placed 12th in 2017.

The study ranked the nation’s credit unions using five core financial performance metrics: member growth, market growth, operating expense as a percentage of operating revenue, net charge-offs as a percentage of average loans and delinquent loans as a percentage of total loans.

Lake Michigan ranked especially well in lowest net charge-offs and lowest delinquent loans.

Among other Michigan credit unions that ranked in the study’s top 50 were Kalamazoo-based Consumers Credit Union, which placed 40th, and Clinton Township-based Michigan Schools and Government Credit Union, placing 49th.

Read more about the study's results here.

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2019-03-21 00:00:00