Scott Talley Special to the Detroit Free Press Published 12:01 AM EST Nov 9, 2018 The East Lansing-based Michigan State University Federal Credit Union is the largest university-based credit union in the world. However, despite the global distinction, when MSUFCU considers new hires, the focus of the conversations is often local. “We are very community focused, so we certainly look for people who will make our members their priority and also care about our community,” said Silvia Dimma, chief human resources officer for the credit union, which has more than 250,000 members. In October 2017, MSUFCU celebrated the grand opening of a second building on its headquarters campus, and in March 2018, the credit union reached $4 billion in assets. As it has grown through the years, the credit union also has made a commitment to serving employees well, as evidenced by the credit union earning another top-five spot (No. 4) in the Detroit Free Press Top … [Read more...] about Top Workplaces honoree MSU Federal Credit Union focuses on community
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After opening four branches in 2018, Ent Credit Union plans to accelerate its expansion with nine more locations and 200 additional employees next year.The Colorado Springs-based financial institution, now the state’s sixth largest, has added 10 Front Range counties, $1 billion in assets and nearly 65,000 members over the past 2½ years. Business Deposits at Colorado Springs banks and credit unions grow at fastest rate since 2012 Wayne Heilman CEO Chad Graves said Ent expects to reach $10 billion in assets and operate branches in all 14 counties in its service area within 10 years.“We are a Colorado Springs success story,” Graves said. “We are seeing more and more of our members moving in areas along the Front Range, so over the next few years, we will be adding locations mostly to the north. Finding the real estate has made expanding more difficult because it takes a year or two to acquire and then go through the planning process to get the … [Read more...] about Colorado Springs credit union giant Ent planning major expansion next year
Deposits in Colorado Springs-area financial institutions at midyear increased at the fastest rate in six years and more than 2½ times the national average, federal regulators say.The numbers are the latest sign of a strong Colorado Springs economy with accelerating job growth and consumer spending, surging housing construction and robust growth in the tourism industry. The deposit report is the only banking data that is broken down by metropolitan area; all but a handful of the 38 banks operating in the area are part of larger institutions based in other states — such as Wells Fargo, Chase and U.S. Bank — and don’t report lending or asset numbers by geography.Deposit growth last year was the highest since a 10.2 percent jump in 2012, which was the fastest in 14 years. Banks and credit unions operating in the area reported a 7.2 percent rise in deposits since June 30, 2017, to $13.1 billion, according to reports from the Federal Deposit Insurance Corp. … [Read more...] about Deposits at Colorado Springs banks and credit unions grow at fastest rate since 2012
Way back when, not everyone had access to credit unions, which had few frills. Times have changed and credit unions are giving banks a run for your money. A recent survey from Bankrate.com makes the case for taking a good look-see at credit unions. According to the report, 41 of the nation’s 50 largest credit unions, or 82 percent, offer free checking accounts with no minimum balance requirements or monthly service fees. How do banks stack up? Just 38 percent can tout such perks. Among the 18 percent of credit unions that charge monthly service fees, the cost is $5, lower than the $12 typically charged by banks for non-interest accounts and $25 for interest-bearing accounts, according to Bankrate.com. Then there’s the matter of overdraft fees. While the $28 at credit unions is high, banks are higher still at around $33. “Since credit unions are not-for-profits, they can pass the savings on to their customers with lower interest rates on loan … [Read more...] about Checking out credit unions
PORTSMOUTHA Portsmouth sheriff’s investigator told a special grand jury Councilman Mark Whitaker treated his church’s credit union as his “own piggy bank” and that it still owed customers $240,000 when it shut down in 2015, according to new court documents.But Whitaker’s attorneys say Investigator Brett Johnson’s testimony last year was false – and that the Sheriff’s Office already had records at the time that proved all of the loans were paid off.The defense asked for Johnson’s testimony and their attack on it to be sealed in the court file. But it wasn’t, giving the public its first glimpse at what witnesses told the grand jurors before they indicted the councilman.Special prosecutor Andrew Robbins and defense attorneys Don Scott and Jon Babineau declined to comment on the court filings.Whitaker, an assistant pastor at New Bethel Baptist Church, is charged with 20 felonies, including identity fraud and forgery. He was set to … [Read more...] about Mark Whitaker’s credit union was missing $240,000, sheriff’s official testified. Defense says that’s false.