(CBS Detroit) — Five Michigan credit unions placed in the country’s top 100 performing credit unions, in a ranking by the S&P Global Market Intelligence.
These five credit unions include Genisys Credit Union, Lake Michigan Credit Union, Consumers Credit Union, St. Francis X Federal Credit Union, Frankenmuth Credit Union, and Michigan Schools and Government Credit Union (MSGCU).READ MORE: Unemployment In Michigan: 30,816 New Jobless Claims Filed Last Week
“Despite going through a challenging year filled with economic uncertainty, we have seen community banks and credit unions play a significant role in their regional markets, providing support and essential services needed in their local communities,” said S&P Global Senior Director of Financial Institutions Jimmy Pittenger. “I’m thrilled to see these community banks and credit unions thrive in a challenging time and proud to recognize these top-performing local financial institutions in our annual rankings.”
“It’s great to see Michigan credit unions so well represented on S&P Global’s latest ranking,” said MCUL CEO Dave Adams. “That these five credit unions are of various asset sizes and operate from multiple regions within the state speaks to how strong the Michigan credit union movement is as a whole.”
Lake Michigan Credit Union was ranked fourth on the list and is a Grand Rapids-based, $9-billion-asset credit union.
According to president/CEO Sandy Jelinski, it reflects the credit union’s dedication and commitment in helping members save more on deposits and pay less on loans.
Jelinski said, “We constantly strive to do what’s best for our members … and that principle guides everything we do. “This is an honor we take seriously, and I appreciate our dedicated staff and Board of Directors for their major contributions in helping Lake Michigan Credit Union succeed.”
St. Francis X FCU is based in Petoskey and is the smallest Michigan credit union in the ranking, with $181 million in assets.
“In today’s world, it seems we are always playing the part of David up against the Goliath financial competitors … chalk another one up for the little guy,” said St. Francis X CEO Scott Bingaman. “We have a really great team here at the credit union; hat’s off to our staff and board that make our success happen every day. We still win our customers one at a time!”READ MORE: If Kids Are Able To Get COVID Vaccine, Health Department May Re-Evaluate Michigan’s Re-Opening Plan
Frankenmuth Credit Union CEO Vickie Schmitzer cited Martin Luther King Jr. (“The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge.”) and said 2020 certainly proved to be a challenging year for financial institutions, including the nearly $1-billion-asset Frankenmuth Credit Union.
“Yet, those same trials created new opportunities … for all of us,” she continued. “Personnel adjusted to new roles and took on new positions and responsibilities in overwhelmed departments that struggled to keep up. Departments changed habits and behaviors to accommodate a virtual member experience networked with online scheduling, electronic communications, and remote assistance. Management showed patience when carefully planned schedules and commitments were overturned because of illness or obligations. And all of us favored kindness when members with hardship asked for our help.”
Schmitzer said, “It’s an honor to have Frankenmuth Credit Union recognized by S&P Global Market Intelligence as one of the top 100 performing credit unions in the United States. And, I am so proud of how Frankenmuth Credit Union stood tall … how the challenges of 2020 gave us the opportunity to become better examples of ourselves.”
MSGCU is a Clinton Township-based, $2-billion-asset credit union. CEO Pete Gates said, “We do what we do to serve members, provide them with increasing levels of tangible value and strengthen MSGCU, so we are here for them in the future. Nothing is done with the hope or intent of appearing on a top list, and yet it is rewarding.”
Kit Snyder, president, and CEO of Consumers Credit Union, a $1.5-million-asset credit union based in Kalamazoo, attributed Consumer’s top-ranking performance to a focus within their operation.
“Consumers Credit Union’s foundation is servant leadership, and we succeed due to our focus on growth through culture and performance. Our 18% growth, year over year for 35+ years, is a testament to our team. We focus on grit, forward thinking, and dedication to excellence. When we work together, with service at our core, we all thrive,” said Snyder.
Click here to view the full list of top-performing U.S. community banks and credit unions for 2020.
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