Honor Credit Union

What Honor Credit Union does

Honor Credit Union is a not-for-profit, member-owned financial cooperative headquartered in Berrien Springs, Michigan, founded in 1934 as Berrien Teachers Credit Union and operating under NCUA charter. It serves more than 105,000 members across 27–28 branch communities in western and northern Michigan, including the Upper Peninsula, with a footprint spanning Kalamazoo, Grand Rapids, Battle Creek, Benton Harbor, South Haven, and Marquette markets. Members hold approximately $1.8 billion in assets at the institution as of April 2026.

The product suite is structured as a full-service retail and small-business bank: consumer deposit products (Benefits Checking at up to 5.15% APY, Connect Checking with 1% cashback, savings, money market, CDs), consumer lending (auto loans from 4.99% APR, 30-year fixed mortgages at 6.125%, home equity loans/HELOCs, personal loans, RV/trailer loans, student loans, credit cards), and a February 2026-launched Buy Now, Pay Later capability embedded in mobile and online banking via equipifi. Business banking spans checking, SBA loans, real estate loans, lines of credit, treasury management, merchant services, and HSAs. Wealth and protection — Honor Investment Services (powered by Cetera Financial Institutions' GrowthLine), insurance, and trust — round out the stack. The technology backbone combines iOS/Android mobile apps, online banking, Video Teller drive-thrus, and embedded third-party tools such as SavvyMoney credit monitoring.

Revenue mechanics follow the standard credit union model: net interest margin on the ~$1.8B asset base, fee-based services on credit cards and merchant processing, and referral/partner economics from insurance, trust, and now Cetera-linked investment services. As a cooperative, Honor does not maximize profit; in 2024 it paid approximately $27.3 million in member benefits (savings interest, checking rewards, card rewards) and invested $860,000 and $181,344 in community and school initiatives respectively. Distribution is omnichannel: 27–28 branches, contact center (800-442-2800), Video Teller, mobile/online banking, and a relationship-led mortgage field team. The go-to-market is community-rooted sales — local lender decision-making, educator-focused programs, small business partnerships (e.g., Presidential Brewing, Ambrosia Gourmet Treats), and high-touch sponsorships across served markets.

Name

Honor Credit Union

Legal name

Honor Credit Union

Website

https://honorcu.com

Company type

Private

Founded year

1934

Operating status

Operating

Headcount range

251–500 employees

Short description

Honor Credit Union is a not-for-profit, member-owned cooperative chartered in 1934 that provides consumer and small-business banking, lending, investment, and digital banking services to over 105,000 members across 27–28 branches in western and northern Michigan.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213), Credit Card Issuing (522210)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

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

akta.pro secondary industries

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL), Rewards & Loyalty Credit Cards (FSAKABAH)

Keywords

• Retail banking services
• Consumer lending products
• Mortgage lending
• Small business banking
• Digital banking platform

Headquarters

HQ city

Berrien Springs

HQ country

United States

HQ region

North America

Offices13 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Interest Income from Lending: Honor generates revenue primarily through interest earned on loans including auto loans, mortgages, home equity loans, personal loans, business loans, and credit cards. As a not-for-profit credit union, excess revenue is returned to members through better rates and lower fees.
2. Deposit Interest: Members deposit savings, checking, and money market funds. Interest paid to members on deposits, with competitive APY rates offered on products like Benefits Checking (5.15% APY) and Certificates of Deposit.
3. Fee-Based Services: Various fee-based services including credit cards, insurance services, trust services, merchant services, and treasury management for business members.
4. Investment Services: Partnership with Cetera Financial Institutions provides investment services (Honor Investment Services) to members, generating revenue through investment product referrals and partnership arrangements.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Honor Credit Union is a not-for-profit, member-owned financial cooperative founded in 1934 (originally as Berrien Teachers Credit Union) that provides full-service consumer and small business banking, including checking, savings, money market, and certificate accounts, auto loans, mortgages, home equity loans and HELOCs, personal loans, RV/trailer and student loans, credit cards, Buy Now Pay Later, investment services (via Cetera), insurance, and trust services, distributed through 27-28 Michigan branches plus mobile and online banking.

Product overview

Honor Credit Union is a not-for-profit, full-service financial institution offering a comprehensive suite of banking products and services. The core product portfolio includes consumer banking (checking accounts including Benefits Checking earning up to 5.15% APY and Connect Checking with 1% cashback, savings accounts, money markets, CDs), lending products (auto loans, mortgages, home equity loans and HELOCs, personal loans, RV/trailer loans, student loans, credit cards), and digital banking services (mobile and online banking, BNPL, SavvyMoney credit monitoring). Business banking encompasses checking accounts, savings, money markets, CDs, HSAs, real estate loans, SBA loans, installment loans, lines of credit, treasury management, and merchant services. The institution also provides investment services through Cetera Financial Institutions, insurance services, and trust services. Community-focused initiatives include teacher awards, scholarships, and free shred days. The BNPL product, launched in February 2026 through equipifi partnership, extends the digital banking suite. Products are accessible through 27-28 branch locations across Michigan, digital banking platforms, and mobile applications.

Differentiator

Problem solved

Functional benefit

Brands

• Honor Investment Services: Investment services program offering education-driven investment guidance to members, powered by Cetera Financial Institutions' GrowthLine program
• HomeBoost
• Honor Investment Services
• Midwest Loan Services
• NMS Loans

Products and services

• Benefits Checking
• Connect Checking
• Savings Accounts
• Money Market Account
• Certificate of Deposit
• Auto Loans
• Mortgages
• Home Equity Loan and HELOC
• Personal Loans
• Buy Now, Pay Later (BNPL)
• Credit Cards
• RV and Trailer Loans
• Student Loans
• Honor Investment Services
• Insurance Services
• Trust Services
• Mobile and Online Banking
• SavvyMoney Credit Monitoring
• Business Checking Accounts
• Business Loans
• Health Savings Account (HSA)
• Treasury Management
• Merchant Services
• Homebuyer Assistance Programs

Quantifiable outcome

• Over 105,000 members served with approximately $1.8 billion in member assets
• +3 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Cetera Financial InstitutionscoreStrategic or Co-development Partner · 23 April 2026Honor Credit Union partnered with Cetera Financial Institutions to expand its investment services program, Honor Investment Services. The partnership enables Honor to leverage Cetera's GrowthLine program and nationwide experience working with financial institutions. Cetera manages approximately $640 billion in assets under administration and provides tools and support to help Honor Investment Services reach its business and member-service goals.
• equipificoreTechnology or Integration · 4 February 2026Honor Credit Union partnered with equipifi to launch an in-house Buy Now, Pay Later (BNPL) product embedded within its mobile and online banking platforms. The partnership enables members to split eligible debit card purchases into manageable payments with pre-qualified BNPL offers within Honor's secure digital ecosystem.
• Kalamazoo RESA FoundationcoreStrategic or Co-development Partner · 5 February 2025Honor Credit Union donated $10,000 as a Catalyst Sponsor to support construction of the Kalamazoo RESA Career Connect Campus, a new facility providing career and technical education for students across Kalamazoo County. The partnership aligns with Honor's educational mission.
• Northern Michigan University (NMU)coreStrategic or Co-development Partner · 27 September 2024Honor partnered with Northern Michigan University's College of Business to host a Financial Reality Fair for nearly 350 high school students from local schools. The partnership provided hands-on financial literacy education and introduced students to NMU campus and practical financial skills.
• Data GuardianminorOthersNAID Certified shredding service provider that partners with Honor for Free Community Shred Days events across Michigan locations to help communities securely dispose of confidential documents and protect against identity theft.
• Country Mile Document DestructionminorOthersShredding service provider partnering with Honor for Free Community Shred Days, including on-site shredding at the Gwinn location.
• Brooks Architectural Inc.minorOthersArchitectural firm providing design services for Honor's new Allegan branch location. Brent Holtz and Ade Adewoye are key partners on the project.
• E.C. Moore ConstructionminorOthersConstruction company building Honor's new Allegan branch location. Craig Moore is the lead on the project.
• Michigan Credit Union Foundation (MCUF)minorStrategic or Co-development PartnerMichigan Credit Union Foundation supported Honor's Financial Reality Fair event in partnership with Northern Michigan University, providing funding for the financial literacy initiative.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Lake Michigan Credit Union: Headquartered in Grand Rapids, Michigan, LMCU is one of the largest credit unions in the state with a similar community-focused, full-service consumer and business banking model. Both institutions compete directly for members across western Michigan and offer comparable deposit, mortgage, and business lending products.
• Consumers Credit Union: Consumers Credit Union operates across southwestern Michigan, including the Kalamazoo area that overlaps with Honor's footprint. It offers a comparable suite of consumer checking, savings, lending, and digital banking products to a similar member demographic.
• Genisys Credit Union: Genisys is a Michigan-based credit union serving members across the state with consumer and business banking products. It is directly comparable to Honor in product breadth, geographic focus within Michigan, and community credit union positioning.
• Michigan State University Federal Credit Union: MSUFCU is one of the largest credit unions in Michigan, offering a comparable full-service consumer and business banking platform. While originally employer-based (Michigan State University), it now operates with a community focus overlapping several of Honor's markets.
• United Federal Credit Union: United Federal Credit Union, based in St. Joseph, Michigan, is a direct geographic competitor with a similar community focus and product mix spanning consumer lending, mortgages, and business banking across southwestern Michigan.
• Adventure Credit Union: Adventure Credit Union serves Michigan communities with consumer and business banking products comparable to Honor's portfolio. It is a similarly sized community credit union competing for members in overlapping Michigan markets.
• Patelco Credit Union: Patelco is a large community-based credit union with a comparable member-owned, not-for-profit structure and full-service consumer and business banking model. It is similar to Honor in operating philosophy, product breadth, and reliance on member relationships rather than public capital.
• SchoolsFirst Federal Credit Union: SchoolsFirst is a large community credit union with roots in serving educators, similar to Honor's origin as Berrien Teachers Credit Union. Both credit unions maintain strong ties to education-focused communities and offer comparable consumer lending, deposit, and digital banking products.

Broad incumbents

• JPMorgan Chase: Chase is a national commercial bank with a large retail branch and digital banking presence in Michigan, offering checking, savings, mortgages, auto loans, and credit cards that compete head-to-head with Honor. It serves as a broad incumbent competitor with significantly greater scale and technology investment.
• Bank of America: Bank of America is a national commercial bank with retail and digital banking operations across Michigan. It competes with Honor for consumer deposits, mortgages, and credit cards, offering broader scale, brand, and product range.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/HonorCU
• YouTubeyoutube.com/HonorCreditUnion
• Facebookfacebook.com/HonorCreditUnion
• LinkedInlinkedin.com/company/honor-credit-union
• Instagraminstagram.com/honorcreditunion
• TikToktiktok.com/@honorcreditunion

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries1 record

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 Honor Credit Union