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Aggressive Growth for United Federal

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More and more people in Michigan, and across the nation for that matter, are opting into credit union membership for their financial institution needs, and one of the largest beneficiaries of that trend is St. Joseph-based United Federal Credit Union. At a time when membership in federally insured credit unions grew to 106 million by midyear, racking up a healthy increase of 3.8-percent compared to the same time period last year, United Federal scored a gain more than twice that percentage.

United Federal Credit Union membership grew aggressively by the end of that same second quarter to total more than 149,000, which is an increase of 7.7-percent when compared to last year. The data comes from the National Credit Union Administration in Washington D.C.

The NCUA report shows that in Michigan roughly half of the state’s population is now choosing a credit union to meet their financial needs. Michigan credit union memberships reached 4.9 million at the end of the quarter. That 3.1-percent increase over the 12-month period is the largest membership percentage gain in several years, according to the Michigan Credit Union League.

James Knight is United Federal’s Midwest Market Vice President. He tells us, “As not-for-profit organizations, credit unions put members’ best interests first.” He adds, “That is no doubt one of the reasons for the growth and why credit unions are consistently cited as one of the industries with the highest rate of consumer confidence.”

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Credit unions are not-for-profit financial cooperatives with each member owning a share. Earnings are returned to members in the form of higher rates on savings and lower rates on loans. Credit Unions are governed by a member-elected board of directors rather than a paid board.

Those interested in learning more about the difference between a bank and a credit union, can visit United Federal Credit Union’s Advice Hub by clicking this link:

 
United Federal Credit Union has served its members since 1949 by helping them to build a sound financial future. UFCU consists of more than 140,000 member/owners worldwide, and manages assets in excess of $2 billion. Its corporate offices and main branch are located in St. Joseph, with additional branches in Arkansas, Indiana, Michigan, North Carolina, Nevada, and Ohio.

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