Members First Credit Union
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.
- Company typePrivate
- Founded1936
- HeadquartersMidland, United States
- Headcount251–500
- GTM typeB2C
- OfferingServices
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.
Members First Credit Union firmographics
Firmographics- 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
Members First Credit Union industry classification
Industry- 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
Where Members First Credit Union is headquartered
LocationHeadquarters
- HQ city
- Midland
- HQ country
- United States
- HQ region
- North America
Offices3 records
Markets served
Members First Credit Union business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others
Revenue model
- 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.
- 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
- Credit Card Revenue: Revenue from VISA credit cards including interchange fees, late payment fees ($25), and cash advance fees
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Simply Free Checking and Fresh Start Checking |
| Subscription | Monthly | eChecking |
| Subscription | Monthly | Premier Checking |
| Other | Pay-as-you-go | Auto Loans |
| Other | Pay-as-you-go | 9-Month Certificate of Deposit |
| Other | Pay-as-you-go | Money Market Account |
| Other | Pay-as-you-go | First Mortgage |
| Other | Pay-as-you-go | Recreational Vehicle Loans |
| Other | Pay-as-you-go | Quick Cash Loans |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels5 records
Members First Credit Union product offering
Product offeringCore 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
Companies that use Members First Credit Union
Customer profileNamed customers1 record
Segments5 records
Ideal customer profiles4 records
Members First Credit Union technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Members First Credit Union partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core and minor.
- Mahalo BankingcoreMembers 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.
- CorelationcoreCorelation 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 HumanitycoreMembers 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 LibraryminorMembers 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 SchoolscoreThrough 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 RewardsminorPartnership 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
Members First Credit Union competitors and assessment
Company assessmentDirect 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
Members First Credit Union social profiles
Digital presenceMembers First Credit Union financial estimates
Financial estimateRevenue estimate
Valuation estimate
Members First Credit Union leadership team
Management profileNumber of profiles
Profiles1 record
Members First Credit Union funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Members First Credit Union M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Members First Credit Union
What does Members First Credit Union do?
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.
Is Members First Credit Union a public or private company?
Members First Credit Union is a private company. It is classified as nonprofit foundation owned and is currently operating.
When was Members First Credit Union founded?
Members First Credit Union was founded in 1936. It employs 251 to 500 people.
Where is Members First Credit Union based?
Members First Credit Union is headquartered in Midland, United States, in the North America region.
How does Members First Credit Union make money?
Three revenue lines are on record. Net Interest Income is the primary driver. The others are fee-Based Income and credit Card Revenue.
Who are Members First Credit Union's main competitors?
Direct peers on record are Lake Michigan Credit Union, MSU Federal Credit Union, Genisys Credit Union, Consumers Credit Union, DFCU Financial, Lake Trust Credit Union and Security Credit Union. United Federal Credit Union is listed as a regional player. Alliant Credit Union is listed as a broad incumbent. SoFi is listed as an emerging player.
Does Members First Credit Union have an API?
No public API is recorded for Members First Credit Union.
What industry is Members First Credit Union in?
Members First Credit Union's product category is Retail Banking. Its primary akta.pro industry code is FSABAEAA, Community Credit Unions (Retail/Consumer Focus), with a secondary code of FSABAEAB, Employer/Occupational Credit Unions. Its NAICS code is 522130 and its SIC code is 6035.