University of Michigan
University of Michigan Credit Union Brief History:
Each credit union depends on their success on the concepts of self-help and helping neighbors. The University of Michigan Credit Union employee also depends on our recognition that all those who work for the University are, in fact, neighbors who share common interests and concerns. I believe that this union so important not only for each of its individual members, but also to our entire family and community credit University.
-Robben W. Fleming, president of the University of Michigan, 1968-1979
The University of Michigan Credit Union offers substantial financial services and, as a sponsor of many events on campus and community, demonstrates both a strong sense of social responsibility and loyalty to the university community. UMCU consider as a valuable employee benefit.
Mary Sue Coleman, President of the University of Michigan, 2002-present
Why is a different credit union in a community like ours, where a variety of financial deposit options are available? U of M Credit Union is a financial cooperative non-profit. We are oriented bottom line conscious, but not profits. It is our role to serve the needs of members, savings deposit or a source to satisfy a need for loans. We do not have the self pressure improved shareholder dividends search their securities holdings. Our directors are members of the credit union, serve without pay, and are elected by other members.
Growth Organization and the U of M credit union:
On November 8, 1954, a letter was signed by Stephen A. Barnett, William J. Carey, Michael P. Church, Harold M. Dorr, N. Marbury Efimenco, Pierce H. Farrar, Donald B. Gooch, Robert F. Haugh, Mrs. B. Julian Nott, Charles E. Stallard, Alfred B. Ueker, and Fred G. Walcott, the organization of the University of Michigan credit Union Employees. Michael P. Church was the key to this effort of organization. In the early 1950s, Michael served as Executive Secretary of the Michigan Education Association, Region III, and wanted to organize a credit union for teachers in five local counties. Teachers in the counties of Monroe and Jackson, however, wanted their own credit union, so Mr. Church helped organize a credit union for employees of the University of Michigan. The credit union began operating in a small office in the administration building of the University. Over the years UMCU was located above a barber shop in the Personnel Department of the University, in an office two adjacent to a campus restaurant, in its own building on the north side of the city cashiers, and in rented rooms in a mall. In 1982, the University of Michigan students were added to the field of membership and "employee" was removed from our name. Today the University of Michigan Credit Union serves its members at six offices of Ann Arbor, a branch campus of UM Dearborn, in shared nationwide branches, offices of the Center for Family Services in Michigan, via the Internet, and through access to a network of ATMs worldwide.
Growth and change:
Our history is a history of growth and change. We have grown from 12 members in 1954 to 55,029 members (as of 09/30/13) and $ 9.00 to $ 516 billion in assets (as of 09/30/13). Our mission is to provide quality financial services that meet current and future financial needs of our partners owners. We use surveys, member satisfaction surveys and focus groups to find out what our members want and how well they are serving them. We are a community financial institution in an environment of higher education and take pride in the fact that users can get to us ... we are accessible suppliers and listen to them.
The continued growth of products, services and technology use:
Ann Arbor is a competitive financial environment. It has been important to the U of M Credit Union to offer a wide range of products and services, and to use technology to improve and enhance products, services and delivery systems. We have some special services that differentiate us from other financial institutions, including repair, loan application 24 hours programs for young members branches (including account Penny Pioneer, the Edge independent of the program and Financial Fitness program), discount programs insurance, distributor.
