Type Credit union Founded 1949 | Industry Financial services Total assets 2 billion USD (2016) | |
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Area served Michigan, Ohio, Nevada, North Carolina, Arkansas, Indiana Key people Mike Hildebrand (Chairman)
Terry O'Rourke (President/CEO) Services Savings; Checking; Consumer Loans; Mortgages; Credit cards; Investments; Insurance; Business Services Number of employees 415 full-time; 44 part-time Headquarters St. Joseph, Michigan, United States Areas served Michigan, Ohio, Nevada, North Carolina, Arkansas, Indiana Profiles | ||
United Federal Credit Union (UFCU) is a federally chartered credit union based in St. Joseph, Michigan with a 60-year-plus history. Originally chartered in 1949, UFCU has more than 150,000 Members in all 50 states and the District of Columbia. It ranks in the top 2% of all federal credit unions by asset size, with assets in excess of $2 billion as of 2016. UFCU has 31 branches in six states: Michigan, Ohio, Indiana, Nevada, North Carolina, and Arkansas. United Federal Credit Union offers a diverse array of products and services for businesses and individuals, include checking and savings accounts; mortgage, construction, and lot loans; home equity loans and lines of credit; business accounts, loans, and credit cards; United Diamond Insurance and Allied Solutions Insurance Products.
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History
United Federal Credit Union’s origins date to the 1930s and 1940s, when the Nineteen Hundred Employee Credit Union (NHECU), and the Buchanan Clark Employee Credit Union (BCECU), were originally formed to serve the employees of the companies that would ultimately become the Whirlpool Corporation and the Clark Equipment Company. NHECU formed in 1949 with eight employees and volunteers who handled the transactions. Nineteen Hundred Corporation became Whirlpool Corporation in 1950, and the credit union became Whirlpool Employee Federal Credit Union (WEFCU).
By 1955, WEFCU’s assets reached $1 million. By 1958, assets doubled to $2 million. Assets more than doubled again over the next five years, and in 1963, WEFCU moved into a brand new building in St. Joseph, MI. In 1969, BCECU became Clark Credit Union, and a short time later, Clark Federal Credit Union. Explosive growth continued for WEFCU between 1963 and 1978, requiring the credit union to relocate to 2900 South State Street in downtown St. Joseph. Assets exceeded $30 million, with 15,800 Members and 27 employees.
Beginning in 1980, WEFCU merged with credit unions serving Whirlpool subsidiaries in Marion, OH and Fort Smith, AR. In 1987, CFCU reached $50 million in assets and changed their name to United Federal Credit Union (UFCU) while WEFCU because Whirlpool Community Federal Credit Union (WCFCU). Then in 1992, WCFCU changed again to the First Resource Federal Credit Union (FRFCU). During the 1990s, both FRFCU and UFCU broke ground on new corporate headquarters buildings, located in St. Joseph, MI, and Buchanan, MI, respectively.
New branches opened in Holland, MI in 2000, and in 2006, FRFCU merged with UFCU. All locations adopted the UFCU name, but the headquarters remained in St. Joseph and retained the FRFCU charter number.
In 2009, growth continued with the acquisition of Clearstar Financial Credit Union in Reno, NV. In 2011, UFCU purchased Griffith Savings Bank in Griffith, IN, marking the first time a bank had been purchased by a federally chartered credit union. As of 2012, assets reached $1.5 billion with plans in progress for an expanded corporate headquarters.
In October 2015 Lake Michigan Credit Union and United Federal Credit Union announced their intent to merge. The merger did not occur.
Products and services
United Federal Credit Union provides products and services to individuals and businesses. For Individual Members, there are checking accounts, long or short-term savings options including IRAs or HSAs; mortgage, auto, and equity loans; lines of credit for debt consolidation; and investment planning options. UFCU also offers a Member Assistance Program to help Members work through debt concerns.
UFCU also offers Business Members access to loans, checking accounts, and cash management options, as well as payroll management and merchant services.
Affiliated Programs from UFCU include United Diamond Insurance - insurance coverage for property, vehicles, renters, life, business, dental and health, Medicare Supplement insurance; and Accidental death and dismemberment insurance coverage, underwritten by The Hartford and offered by Affinion Benefits Group.
Community involvement
• UFCU talks about financial news and takes questions from listeners during Monday Morning Money Talk with Pat Moody on WSJM radio.
• UFCU Double-R Branch in Nevada collaborated with state troopers and the Nevada Humane Society to sponsor a Shred-a-Thon for area residents to get rid of unneeded documents. UFCU employees helped carry boxes and bags, and the credit union donated $1,000 to the state troopers’ cause, the Special Olympics.
• In 2011, UFCU donated over $150,000 to charities and community projects in five states. More than two dozen organizations benefited, including Habitat for Humanity, March of Dimes, Boys & Girls Clubs of America, Relay for Life, and several school districts.
• In 2011, UFCU employees gave more than 660 hours of volunteer time, aided by a UFCU program that provides paid time off to participate in volunteer efforts.