Members First Credit Union

What Members First Credit Union does

Members First Credit Union is a federally chartered, member-owned cooperative financial institution headquartered in Midland, Michigan, founded in 1936 as a teachers' credit union and now celebrating 90 years of operation. The credit union operates 11 branch locations across Michigan (including Midland, Saginaw, and Bay City) and serves individual consumers, educators, small businesses, youth, and vehicle buyers with a full suite of deposit, lending, and wealth products: savings and checking accounts, money market, CDs, IRAs, HSAs, VISA credit cards, auto/RV/mortgage/home equity/personal/business loans, merchant services, trust services, and investment services. Pricing is structured around monthly subscription-style checking tiers (e.g., Simply Free, Fresh Start at $7.95-$10.95/month, eChecking at $7.50/month, Premier at $15/month) and competitive loan rates (auto as low as 4.74% APR, RV 5.74% APR, mortgage 6.45% APR) plus promotional incentives ($900 off mortgage closing costs, 90 days no payments on auto/RV).

Revenue derives primarily from net interest income (the credit-union model of earning on loans and paying on deposits), supplemented by transaction and account fees and credit card interchange. Distribution combines physical branches, a full-service digital banking platform (online and mobile banking, mobile check deposit, CardSWAP for subscription card updates, ClickSWITCH for direct-deposit migration), and an indirect channel of over 213 auto and RV dealership partnerships across Michigan for loan origination. Members First is currently undertaking a core technology modernization, having selected Mahalo Banking's Thoughtful Banking platform alongside a transition to the Corelation Keystone core banking platform (announced June 2026) to enhance digital account opening and mobile functionality.

Community positioning is a defining element of the business model: the credit union returns profits to members through better rates, runs the Joy in Teaching Grants program (40 grants of $500 each awarded in 2025), distributes $10,000 in annual scholarships, maintains Little Free Libraries at all 11 branches, and volunteers with Habitat for Humanity. The institution is federally insured by the NCUA and operates as a not-for-profit cooperative with member-depositor governance.

Name

Members First Credit Union

Legal name

Members First Credit Union

Website

https://mfcu.net

Company type

Private

Founded year

1936

Operating status

Operating

Headcount range

251–500 employees

Short description

Members First Credit Union is a federally chartered, member-owned cooperative founded in 1936, operating 11 Michigan branches and serving consumers, educators, small businesses, and vehicle buyers with full-service deposit, lending, and digital banking products.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (522130), Depository Credit Intermediation (5221)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

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

akta.pro secondary industry

Employer/Occupational Credit Unions (FSABAEAB)

Keywords

• Retail banking services
• Consumer lending products
• Community credit union
• Small business banking
• Digital banking services

Headquarters

HQ city

Midland

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Net Interest Income: The primary revenue driver for credit unions - earning interest on loans (auto, mortgage, personal, RV, business) while paying interest on deposits (savings, CDs, IRAs, money market). Credit unions return profits to members through better rates on loans and deposits.
2. Fee-Based Income: Various account and service fees including non-participation fees ($10/month), checking account maintenance fees (Premier Checking $15/month, eChecking $7.50/month, Fresh Start Checking $7.95-$10.95/month), overdraft fees ($27/item), ATM fees, wire transfer fees, and safe deposit box rentals
3. Credit Card Revenue: Revenue from VISA credit cards including interchange fees, late payment fees ($25), and cash advance fees

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Members First Credit Union provides retail and small-business banking products, consumer and commercial lending, and digital banking services to Michigan members. Core offerings include savings and checking accounts, money market accounts, certificates of deposit, IRAs, credit cards, auto/RV/personal/mortgage/home equity/business loans, merchant services, trust and investment services, and digital tools such as mobile check deposit, CardSWAP, and ClickSWITCH, distributed through 11 Michigan branches and a digital banking platform.

Product overview

Members First Credit Union operates as a full-service financial institution offering a comprehensive suite of banking products and services organized into personal banking (savings and checking accounts, credit cards), lending (auto loans, mortgages, home equity, RV loans, personal loans), business banking (checking, loans, merchant services), and digital banking platforms. Key digital services include Online & Mobile Banking with Mobile Check Deposit, CardSWAP for updating card information across 100+ subscription services, and ClickSWITCH for automated direct deposit migration. The credit union also provides community-focused programs including Joy in Teaching Grants for educators, scholarships for students, and Little Free Libraries at all branch locations. The institution is currently undergoing technology modernization through a partnership with Mahalo Banking's Thoughtful Banking platform, transitioning to the Corelation Keystone core platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Savings Accounts
• Money Market Account
• Certificates of Deposit
• IRAs
• Health Savings Account
• Thrive Checking Account
• Checking Accounts
• Credit Cards
• Auto Loans
• Mortgage Loans
• Home Equity Loans
• Recreational Vehicle Loans
• Personal Loans
• Business Checking
• Business Savings
• Business Loans
• Merchant Services
• Wire Transfers
• Trust Services
• Investment Services
• Online and Mobile Banking
• CardSWAP
• ClickSWITCH
• Greenlight Youth Accounts
• Financial Coaching
• Credit Score Monitoring

Quantifiable outcome

• Members First awards $10,000 annually in scholarships to four students
• +3 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

Feature5 records

Partnerships

Six partnerships are on record, tiered core and minor.

• Mahalo BankingcoreTechnology or Integration · 10 June 2026Members First selected Mahalo Banking's Thoughtful Banking platform as part of a broader technology modernization initiative aligned with their transition to the Corelation Keystone core platform. The partnership aims to deliver improved mobile functionality, more streamlined member experience, and enhanced digital account opening capabilities. Mahalo Banking's collaborative culture and deep integration capabilities with Keystone were cited as key differentiators.
• CorelationcoreTechnology or IntegrationCorelation Keystone is the core banking platform that Members First is transitioning to as part of their technology modernization. This platform will power the credit union's core banking operations.
• Habitat for HumanitycoreStrategic or Co-development PartnerMembers First Credit Union team volunteers with Habitat for Humanity's Neighborhood Revitalization initiative, which combines new home construction with exterior and interior home improvements. The partnership helps preserve housing stability, enhance safety, and foster long-term neighborhood pride in local Michigan communities.
• Little Free LibraryminorStrategic or Co-development PartnerMembers First Credit Union adopted Little Free Library book exchange boxes at all 11 branch locations in response to Michigan's first annual CU Kind Day in October 2022. The partnership supports literacy and community engagement, taking inspiration from the credit union's roots as a teachers' credit union.
• Michigan Educators and SchoolscoreOthersThrough the Joy in Teaching Grants program, Members First partners with Michigan educators to enhance classroom educational experiences. In 2025, awarded $20,000 in grants ($500 each) to 40 educators across Michigan schools including Arrowwood Elementary, Bay City Western High School, Beal City Public Schools, Clare High School, and many others.
• Love My Credit Union RewardsminorGTM or Marketing PartnerPartnership providing Members First members access to exclusive discounts including Trust & Will estate planning (20% off), H&R Block tax services, TurboTax (20% off), and TruStage insurance products through the Love My Credit Union Rewards program.

Scale indicators6 records

Recent moves5 records

Expansion highlights6 records

Direct peers

• Lake Michigan Credit Union: Largest credit union in Michigan with a similar full-service retail and community-focused model across the state. Directly comparable deposit, mortgage, and consumer lending offerings with overlapping geography.
• MSU Federal Credit Union: Michigan-headquartered, employer-affinity credit union with comparable member-owned cooperative structure, multi-branch footprint, and similar personal/business banking product suite serving overlapping Michigan communities.
• Genisys Credit Union: Michigan-based community credit union offering analogous deposit, lending, and digital banking products to retail and small business members across overlapping regional markets.
• Consumers Credit Union: Michigan community credit union with similar cooperative structure and full-service banking (checking, auto, mortgage, business) targeting comparable consumer and SMB segments.
• DFCU Financial: Michigan-based, federally insured credit union offering retail deposits, consumer loans, and business banking with overlapping mid-Michigan service territory and similar product breadth.
• Lake Trust Credit Union: Michigan community credit union serving overlapping geographies with comparable checking, savings, auto, and mortgage products targeting similar consumer member profiles.
• Security Credit Union: Michigan-headquartered community credit union providing directly comparable personal and business banking, lending, and digital services to overlapping member segments.

Regional players

• United Federal Credit Union: Multi-state credit union with Michigan roots and a comparable consumer/SMB banking offering, but operating across a broader regional footprint than MFCU.

Broad incumbents

• Alliant Credit Union: Large, digitally-focused national credit union offering high-yield deposit and consumer lending products that increasingly compete with community credit unions like MFCU for the same digitally native members.

Emerging players

• SoFi: Digital-first fintech competing for the same consumer deposits, personal loans, and credit card relationships that MFCU relies on, particularly with younger Michigan members.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks1 record

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UC9VEjk8skmHSirVhem9_asQ
• Facebookfacebook.com/MembersFirstMI
• LinkedInlinkedin.com/company/members-first-credit-union
• Instagraminstagram.com/membersfirstcreditunion
• Xx.com/MembersFirstMI

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 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 Members First Credit Union