Michigan First Credit Union

What Michigan First Credit Union does

Michigan First Credit Union is a not-for-profit, member-owned financial cooperative founded in 1926 as Detroit Teachers Credit Union and headquartered in Lathrup Village, Michigan. The institution manages over $1.5 billion in assets for more than 165,000 members across Southeast and West Michigan (Metro Detroit, Grand Rapids, Lansing), operating 32 branches, 6 mortgage offices, and 24 in-store locations inside Kroger, Walmart, and Meijer stores. Its product portfolio spans personal banking (checking, savings, certificates, youth accounts, auto and personal loans, credit cards, home equity), business banking (deposits, SBA/MEDC/USDA lending, commercial real estate, equipment financing, merchant services through Heartland, payroll through Paychex), mortgage lending (Michigan First Mortgage), insurance (Michigan First Insurance Agency, 40+ carriers), and wealth management (Michigan First Wealth Management Group via LPL Financial).

The underlying technology stack is a hybrid of in-house digital banking platforms and third-party integrations. Online banking and a native iOS/Android mobile app (with biometric login, mobile check deposit, Zelle, card controls, and credit score tracking) form the self-serve layer, while partnerships deliver differentiated capabilities: Scienaptic AI for credit decisioning, Jumio for selfie-to-ID verification, NXG Strategies for identity theft recovery, GreenPath for financial wellness coaching, and CO-OP Network for ATM access (30,000+ surcharge-free nationwide). A full banking-grade fraud monitoring and 128-bit encryption framework protects all digital channels, with DocuSign integrated into a secured lending portal.

Michigan First generates revenue through the standard credit union economics of net interest income (the spread between loan yields on auto, mortgage, personal, business, and credit card lending versus interest paid on deposits, IRAs, and certificates) supplemented by transaction and account fees, insurance commissions from 40+ carrier quotes, wealth management referral fees from LPL Financial, merchant processing revenue share with Heartland, and interchange on card programs. As a not-for-profit cooperative, surpluses are returned to members through competitive loan rates, higher deposit dividends, community giving (Michigan First Foundation, First for Good initiative), and absence of shareholder distributions. Distribution is omnichannel: physical branches and retail in-store locations serve walk-in members, a 24/7/365 call center and audio teller serve phone banking, and the online/mobile platforms plus business banking representatives handle acquisition and servicing.

Name

Michigan First Credit Union

Legal name

Michigan First Credit Union

Website

https://michiganfirst.com

Company type

Private

Founded year

1926

Operating status

Operating

Headcount range

251–500 employees

Short description

Michigan First Credit Union is a not-for-profit, member-owned cooperative founded in 1926 that provides personal and business banking, mortgages, insurance, and wealth management to over 165,000 members across Michigan through 32 branches, 24 in-store locations, and digital platforms, managing more than $1.5 billion in assets.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

akta.pro secondary industries

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL), Virtual / Digital-First Credit Cards (FSAKABAK)

Keywords

• Retail banking services
• Mortgage lending
• Consumer credit cards
• Business banking
• Wealth management

Headquarters

HQ city

Oakland

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Net Interest Income: As a not-for-profit credit union, Michigan First generates primary revenue through the spread between interest earned on loans (auto loans, mortgages, personal loans, credit cards, business loans) and interest paid on deposits (checking, savings, certificates, IRAs). This is the core revenue driver for credit unions.
2. Fee Income: Various banking fees including overdraft/NSF fees, wire transfer fees, money order fees, certified check fees, official check fees, and statement copy fees. Some accounts have monthly service fees (Classic Checking has monthly fee; others waive with conditions).
3. Insurance Commission Revenue: Insurance agency offering quotes from 40+ carriers for auto, home, renters, life, pet insurance. Commission-based revenue from insurance product sales across multiple carrier partnerships.
4. Wealth Management Referral Fees: Referrals to LPL Financial for investment and wealth management services generate referral fees per agreement. Wealth advisors provide retirement planning, investment strategies, estate planning, and guided wealth portfolios.
5. Business Services Revenue: Merchant services through Heartland provide transaction processing revenue share. Payroll services through Paychex may generate referral fees. Business insurance quoting services also contribute.

Pricing tiers

Go-to-market motion2 records

Distribution channels12 records

Marketing channels10 records

Core offering

Michigan First Credit Union is a not-for-profit, member-owned financial cooperative that provides personal and business banking, mortgage lending, insurance, and wealth management services to Michigan residents and businesses. Founded in 1926, it operates 32 branches, 6 mortgage offices, and 30,000+ surcharge-free ATMs, serving 165,000+ members with $1.5 billion+ in assets.

Product overview

Michigan First Credit Union is a full-service credit union founded in 1926, offering a comprehensive financial services platform across personal banking, business banking, mortgage lending, insurance, and wealth management. The core offering includes checking/savings accounts and loans, supplemented by digital banking through online and mobile platforms. The product portfolio spans 38+ distinct products including: Personal Banking (Premier/Classic/First Gear checking, savings, certificates, youth accounts), Business Banking (checking, savings, money market, certificates, term loans, equipment loans, commercial real estate, lines of credit), Michigan First Mortgage (purchase/refinance loans, FHA/VA/USDA programs, construction loans), Insurance Agency (auto, home, renters, life, pet insurance via 40+ carriers), Wealth Management Group (retirement planning, estate planning via LPL Financial), and digital services (Online Banking, Mobile App, Zelle, Financial Exploration, Calculators). The institution manages $1.5 billion in assets serving 165,000+ members across 32 branches and 6 mortgage offices in Michigan.

Differentiator

Problem solved

Functional benefit

Brands

• MinuteMoney: Emergency loan product providing fast cash loans from $500-$3,000 deposited within 60 seconds.
• Reset
• First for Good
• MoneyWise
• First Love: A Detroit Story

Products and services

• Personal Checking & Savings Accounts Personal deposit accounts including checking, savings, money market, certificates of deposit (CDs), and youth/student accounts for individual members.
• Business Banking Accounts Business deposit accounts including business checking, savings, money market, and certificates designed for small to medium-sized businesses in Michigan.
• Michigan First Mortgage Residential mortgage lending products including home purchase loans, refinancing, construction loans, and government-backed (FHA/VA/USDA) loans for individual homebuyers in Michigan.
• Michigan First Insurance Agency Insurance brokerage offering personal lines (auto, home, life, pet) and commercial lines (cyber security, general liability, workers' compensation, errors and omissions, accidental death and dismemberment) through Central Insurance and other carrier partners.
• Michigan First Wealth Management Group Investment and retirement planning services, financial advisory, and wealth management solutions delivered through LPL Financial, including IRAs, brokerage accounts, and estate planning.
• Auto & Recreational Vehicle Loans Consumer vehicle loans for new and used cars, trucks, motorcycles, boats, and recreational vehicles, including refinancing options.
• Personal Loans Unsecured personal loans for individual members, including debt consolidation through the Reset product.
• MinuteMoney Emergency Loans Small-dollar emergency loans with rapid approval, designed for members facing short-term financial needs.
• Business Term Loans Term loans for businesses including SBA, MEDC (Michigan Economic Development Corporation), and USDA-backed financing through a partnership with Michigan Business Connection.
• Commercial Real Estate Loans Commercial real estate financing for owner-occupied properties, investment properties, and land acquisition/development.
• Merchant Services
• Payroll Services
• Online Banking Platform Web-based online banking platform with account management, bill pay, transfers, eStatements, and AI-driven fraud detection.
• Mobile Banking App Mobile banking application for iOS and Android with remote check deposit, card controls, mobile wallet support, and biometric authentication.
• Credit Cards Consumer credit card products including the Michigan First Rewards Mastercard with cash back rewards and a Secured Credit Card designed for credit building.
• Home Equity Loans & Lines of Credit Home equity loans and home equity lines of credit (HELOC) allowing homeowners to borrow against property equity.
• Business Lines of Credit & Equipment Loans
• Identity Theft Recovery Services Identity theft monitoring and recovery services provided in partnership with NXG to protect personal information.
• Safe Deposit Boxes & Currency Exchange

Quantifiable outcome

• Over $1.5 billion in assets managed for 165,000+ members
• +5 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration17 records

AI capability7 records

Feature6 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Scienaptic AIcoreTechnology or Integration · 29 June 2026Selected Scienaptic AI's credit decisioning platform to modernize lending operations. The platform processes over 3 million credit decisions monthly and supports over 150 lenders managing $4 trillion+ in assets. Aims to move beyond traditional credit score limitations using AI-driven insights to deliver faster, more personalized lending decisions and responsibly expand credit access.
• GreenPath Financial WellnesscoreStrategic or Co-development PartnerPartnership provides free financial coaching for Detroit residents including three complimentary coaching sessions with NFCC-certified experts. Coaching covers building sustainable budgets, creating personalized spending plans, and implementing financial strategies. Members completing coaching receive guidance on applying for personalized loans.
• LPL FinancialcoreStrategic or Co-development PartnerPartnership opens access to comprehensive investment resources and experienced financial advisors through LPL Financial. Wealth Management Group provides retirement planning, investment strategies, estate planning and trust services, college savings, financial management, insurance, and Guided Wealth Portfolios.
• PaychexminorChannel Partner/ Reseller/ DistributorPartnership with Paychex, a leading national provider of payroll and payroll tax administration for small to medium-sized businesses, provides streamlined payroll and HR services for Michigan First business members.
• HeartlandminorChannel Partner/ Reseller/ DistributorPartnership with Heartland, a nationally recognized industry leader, provides merchant services enabling businesses to process card payments quickly and securely while modernizing operations.
• Michigan Business Connection (MBC)coreStrategic or Co-development PartnerPartnership with MBC provides business loans including SBA Loans, MEDC Loans, USDA Loans, and conventional business loans with lower rates. Helps small businesses access financing for growth and expansion.
• CO-OP NetworkcoreChannel Partner/ Reseller/ DistributorCO-OP Network partnership provides members access to over 1,600 surcharge-free ATMs across Michigan and nearly 30,000 nationwide. Shared branching network expands physical access points.
• Franklin Madison GroupminorChannel Partner/ Reseller/ DistributorPartnership provides accident and sickness insurance products including Recuperative Care Plan and Hospital Accident Insurance through Franklin Madison Group and underwriters including Minnesota Life Insurance Company and Zurich American Insurance Company.
• Federal Home Loan Bank of Indianapolis (HomeBoost)coreStrategic or Co-development PartnerHomeBoost Down Payment Assistance Program provides up to $25,000 for down payment, closing cost assistance, and counseling fees for qualified first-time homebuyers meeting income and eligibility criteria.
• Detroit Down Payment AssistancecoreStrategic or Co-development PartnerDetroit DPA program provides grants up to $25,000 for down payments, pre-paid interest rate buy down, closing costs, and principal reduction for qualified Detroit residents purchasing homes.

Scale indicators10 records

Recent moves12 records

Expansion highlights6 records

Market position

Competitive moat5 records

Customer concentration

• YouTubeyoutube.com/user/michiganfirstcu
• Facebookfacebook.com/michiganfirstcreditunion
• LinkedInlinkedin.com/company/michigan-first-credit-union
• Instagraminstagram.com/michiganfirstcu
• Xx.com/michiganfirstcu

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Michigan First Credit Union