Embers Credit Union

What Embers Credit Union does

Embers Credit Union is a member-owned financial cooperative headquartered in Marquette, Michigan, serving individuals, families, and small-to-medium businesses across the Upper Peninsula of Michigan and the bordering Wisconsin counties of Iron, Vilas, Forest, Florence, and Marinette. Founded in 1953 as St. Peter Cathedral Credit Union and rebranded to its current name in 2018, the institution has grown through organic expansion and two mergers (Upper Michigan Community Credit Union in 2019 and Delta County Credit Union in 2020) to $566.5M in assets, 32,000+ members, and seven retail branches staffed by approximately 140 team members as of March 31, 2025.

The credit union operates a hybrid physical-and-digital distribution model: seven branch locations with lobby and drive-thru service, complemented by an online and mobile banking platform supporting mobile deposit, Zelle peer-to-peer payments, Bill Pay, account opening, and Timetrade-enabled in-person/phone/video appointment booking. Its product portfolio spans Rewards Checking (up to 3.04% APY), tiered savings (Money Maker up to 1.26% APY), Certificates (up to 3.90% APY), IRAs (3.05% APY), Health Savings Accounts, credit cards (12.90% APR floor, 2% cash back on gas), and lending products including auto (4.75-6.70% APR), personal (10-13% APR), recreational (5.25-7.25% APR), home equity, and mortgage loans (promotional 5.95% rate). Investment and retirement services are delivered through a partnership with LPL Financial rather than a captive broker-dealer.

Revenue mechanics are conventional for a community credit union: net interest margin on the loan portfolio (mortgage, auto, consumer, commercial) is the primary driver, supplemented by transaction fees (wire transfer, stop payment, overdraft), service charges, interchange, and treasury management fees (Remote Deposit Capture, ACH origination, Positive Pay, payroll, merchant services). The institution is NCUA-insured, holds an NMLS mortgage license (#401812), and is an Equal Housing Opportunity lender, with member-owned cooperative governance in lieu of external equity.

Name

Embers Credit Union

Legal name

Embers Credit Union

Website

https://embers.org

Company type

Private

Founded year

1953

Operating status

Operating

Headcount range

51–100 employees

Short description

Embers Credit Union is a member-owned cooperative bank headquartered in Marquette, Michigan, serving 32,000+ consumers and small businesses across the Upper Peninsula and bordering Wisconsin counties through seven branches and a digital banking platform offering deposits, consumer and commercial loans, mortgages, and credit cards.

Ownership category

akta.pro rank

Product category

Retail / Community Banking

NAICS

Credit Unions (522130)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

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

akta.pro secondary industry

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Retail banking services
• Consumer lending
• Mortgage lending
• Business banking
• Credit union services

Headquarters

HQ city

Marquette

HQ country

United States

HQ region

North America

Offices8 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. Interest Income from Loans: Primary revenue stream from interest charged on mortgage loans, auto loans, personal loans, recreational loans, credit cards, and business loans. Variable and fixed rate products across consumer and commercial segments.
2. Fee-based Income: Various service fees including wire transfer fees ($20 domestic, $40 international), stop payment fees ($20), overdraft/courtesy pay fees, and other account service charges.
3. Share/Dividend Income: As a credit union, deposits from members (shares) generate income that is used to fund loans and operations, with dividends paid back to members.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Embers Credit Union is a member-owned financial cooperative that provides retail deposit products (checking, savings, money market, certificates, IRAs, HSAs), consumer lending (mortgages, home equity, auto, personal, recreational, credit cards), commercial lending and treasury management services (business loans, business accounts, Remote Deposit Capture, ACH origination, wires, merchant services), and investment/retirement advisory through a partnership with LPL Financial. Members are served through 7 branch locations in Michigan's Upper Peninsula combined with a digital banking platform, mobile app, and 100,000+ fee-free ATM access points.

Product overview

Embers Credit Union offers a comprehensive suite of financial products and services centered on traditional banking. The core portfolio includes deposit products (Rewards Checking with up to 3.04% APY, Savings, Certificates with up to 3.90% APY, IRAs, and Health Savings Accounts) and lending products (Credit Cards with 2% gas cash back, Auto Loans, Personal Loans, Recreational Loans, and Home Loans including mortgages and home equity products). Business services encompass Business Lending, Business Accounts, and Treasury Management with Remote Deposit Capture, Payroll Service, ACH Origination, Wire Transfers, and Merchant Services. The Digital Banking platform provides online and mobile access with Zelle P2P payments. Investment and retirement services are offered through an LPL Financial partnership. The institution serves members across the Upper Peninsula of Michigan with seven branch locations.

Differentiator

Problem solved

Functional benefit

Brands

• Embers Investment and Retirement Services: Financial advisory and investment services offered through LPL Financial for IRAs, life insurance, retirement planning, mutual funds, stocks, bonds, and managed accounts.

Products and services

• Rewards Checking (Fire Checking) High-yield checking account offering up to 3.04% APY on balances up to $10,000 when monthly qualifications are met (10 non-PIN debit purchases, eStatements enrollment, digital banking login, direct deposit), with up to $10 in ATM fee refunds per month and early direct deposit access. Falls to 0.01% APY if qualifications are not met. For consumer members.
• Basic Checking Standard checking account with no monthly fee, overdraft protection, and Bill Pay functionality. For consumer members seeking a low-cost everyday checking account.
• Savings Accounts Basic savings accounts including Membership Savings (0.10% APY) and Side Savings for specific goals such as holidays or vacations. For consumer members.
• Money Maker Savings High-yield savings account earning up to 1.26% APY with tiered rates by balance ($100-$2,499.99: 0.25%; up to $250,000+: 1.26%), no monthly fee, $100 minimum to earn interest. For consumer members building savings.
• Certificate of Deposit Term savings certificates earning up to 3.90% APY with terms from 6 to 60 months and monthly dividend payments (6M 3.90%, 12M 3.75%, 18M 3.75%, 24M 3.75%, 36M 3.65%, 48M 3.75%, 60M 3.75%). $1,000 minimum opening deposit. For consumer members.
• IRA Accounts Individual Retirement Accounts earning 3.05% APY, available in Traditional and Roth variants, with dividends paid monthly. For consumer members saving for retirement with tax advantages.
• Health Savings Account Tax-advantaged health savings account for individuals with high-deductible health plans, earning 1.26% APY for Individual and Family coverage. For consumer members.
• Credit Cards Rewards credit card offering unlimited 2% cash back on gas purchases and 1% on all other purchases, with no annual fees and rates starting at 12.90% APR (consumer) and 12.99% APR (business). For consumer and business members.
• Auto Loans Financing for new and used vehicles with rates from 4.75% to 6.70% APR depending on term (36-84 months), including leasing alternatives. For consumer members purchasing vehicles (4K+ autos currently financed).
• Personal Loans Signature loans from $500 to $5,000 with rates from 10.00% to 13.00% APR by term (12-48 months), a Share Secured 36-month option at 4.25%, and a Signature Line of Credit at 8.50% APR. For consumer members.
• Recreational Loans Financing for recreational vehicles including boats, snowmobiles, ATVs, dirt bikes, campers, and motor homes with rates from 5.25% to 7.25% APR (3K+ recreational vehicles currently financed). For consumer members.
• Home Loans Comprehensive mortgage products including home purchasing, refinancing, home equity loans, home equity lines of credit, and construction loans with fixed-rate terms up to 30 years. Limited-time 5.95% rate on select mortgage options (APR starts at 6.082% for 30-year term; NMLS# 401812). For consumer members (2.5K+ trusted homeowners financed).
• Business Lending Commercial loans and credit facilities for Upper Peninsula businesses including commercial real estate financing, working capital, and equipment loans, with locally funded decisions by experienced commercial relationship managers. For SMB owners in the UP (400+ UP businesses financed).
• Business Accounts Business checking and savings accounts designed for small businesses and commercial members with tailored features and services. For SMB owners in the UP.
• Treasury Management Business cash management services including Remote Deposit Capture, Payroll Service, ACH Origination, Wire Transfers, Fraud Prevention (Positive Pay), and Merchant Services for card payments. For SMB owners in the UP.
• Financial Planning (Investment and Retirement Services) Investment and retirement planning services offered through a partnership with LPL Financial (registered investment advisor and broker-dealer; member FINRA/SIPC), including IRAs, life insurance, mutual funds, stocks, bonds, managed accounts, and retirement services. For consumer members seeking wealth management.

Quantifiable outcome

• $2,500 in down payment or closing cost assistance available through Freddie Mac BorrowSmart program
• +3 more outcomes

Named customers4 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• LPL FinancialcoreStrategic or Co-development PartnerSecurities and advisory services partnership through Embers Investment and Retirement Services. LPL Financial is a registered investment advisor and broker-dealer (member FINRA/SIPC). Financial professionals offer IRAs, life insurance, retirement services, mutual funds, stocks, bonds, and managed accounts through this partnership.
• Alloya Corporate Credit UnioncoreTechnology or IntegrationProcessing partner for incoming and outgoing wire transfers. Routing #272478075 at 184 Shuman Blvd #400, Naperville, IL 60563. Handles wire transfer processing for the credit union.
• ZellecoreTechnology or IntegrationPeer-to-peer payment integration enabling instant money transfers between bank accounts. Available through Embers mobile app for sending money to friends, family, and small businesses with typically no fees.
• CBS Investment ConnectioncoreStrategic or Co-development PartnerFinancial planning and investment services partner offering IRAs, life insurance, retirement services, mutual funds, stocks, bonds, and managed accounts through Embers Investment and Retirement Services.
• Freddie MacminorGTM or Marketing PartnerBorrowSmart program partnership offering up to $2,500 in down payment or closing cost assistance for qualified home buyers.

Scale indicators14 records

Recent moves9 records

Expansion highlights6 records

Regional players

• Northern Initiatives: A Marquette-based CDFI serving Michigan's Upper Peninsula, directly comparable to Embers in geographic footprint, community-development mission, and small-business/consumer credit offering in the same UP region.
• Nicolet National Bank: Wisconsin-headquartered community bank serving the UP border counties Embers recently expanded into; a direct competitor for Wisconsin deposit and small-business relationships.
• IncredibleBank: Bank headquartered and operating across the Upper Peninsula, providing direct competition to Embers for retail deposits, mortgages, and small-business banking in the same geography.
• Huron Valley State Bank: Michigan community bank serving small and midsize businesses and consumers, comparable in scale and product breadth to Embers' UP footprint.

Direct peers

• Genisys Credit Union: A large Michigan community credit union offering full banking, lending, and digital services to similar retail and small-business segments, making it a useful scale benchmark for Embers' growth trajectory.
• Michigan First Credit Union: Michigan-based community credit union with comparable deposit, lending, and digital banking products serving consumer and small-business members across the state.
• Team One Credit Union: Michigan-based community credit union offering checking, savings, lending, and digital banking, similar in membership-based cooperative structure to Embers.

Broad incumbents

• Old National Bank: Large regional bank with a footprint that overlaps the UP border regions; competes directly on deposit products, mortgages, and small-business treasury services.
• Lake Michigan Credit Union: Michigan's largest credit union, offering a full retail and commercial banking suite; serves as a relevant scale and digital-benchmarking peer for Embers.
• Consumers Cooperative Credit Union: Midwest community credit union with comparable deposit, lending, and digital banking products, comparable as a community cooperative peer for benchmarking product breadth.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCCeaXgcktIgnT-t0a0OYu5Q
• Facebookfacebook.com/emberscu
• Instagraminstagram.com/emberscu
• TikToktiktok.com/@emberscu
• Xx.com/embers_cu_
• LinkedInlinkedin.com/company/emberscu

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

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 Embers Credit Union