DFCU Financial
Encyclopedia
DFCU Financial is a state-chartered credit union
headquartered in Dearborn, Michigan
, regulated by Michigan's Department of Licensing and Regulatory Affairs (LARA). DFCU Financial is Michigan's largest credit union. As of October 2010, DFCU Financial had approximately $3 billion in assets, 219,000 members, and 24 branches in Metro Detroit, Ann Arbor, Grand Rapids and Lansing.
Eligibility for membership is extended to anyone who lives, works or worships in the 68 counties of the Lower Peninsula of Michigan
. Member deposits up to $250,000 in DFCU Financial are insured through the National Credit Union Share Insurance Fund
.
Engineering and Styling in February 1950. The Dearborn, Michigan credit union changed its name to Ford Dearborn Federal Credit Union in 1954 and then to Dearborn Federal Credit Union in 1960. In 2003, the credit union renamed itself DFCU Financial.
in order to expand geographically. NCUA initially rejected the member ballots that DFCU wanted to use for the conversion vote. In March 2006, the credit union mailed ballots to its members, enticing them to vote with cash prizes of up to $5000. DFCU encountered strong opposition to its conversion plans from its membership and the credit union community. Michigan Governor Jennifer Granholm
, herself a member of DFCU, urged the membership to carefully review the credit union's disclosures. DFCU spent $1.2 million in its efforts to convince its membership to vote for the conversion and refused to release minutes from meetings of the Board of Directors to the membership. Members of the credit union formed a group called DFCU Owners United to oppose the conversion. The member group gathered 1762 signatures on a petition to recall the Board of Directors. After receiving the petition, DFCU withdrew its application to convert to a bank. Despite being required by its bylaws to hold a special membership meeting within 30 days of receiving the petition, DFCU refused to do so based on federal law. Members filed a lawsuit against the credit union and a Michigan court ruled in favor of the members in March 2008.
An official letter announcing a merger with MidWest Financial Credit Union of Ann Arbor was mailed to members on June 15, 2010. MidWest Financial had been formed to serve employees of the University of Michigan Health System. Members of MidWest Financial approved this merger effective October 1, 2010. The computer system integration was completed on March 28, 2011. With this merger, DFCU Financial gained a presence in Washtenaw County with five branch locations.
Outside of Southeast Michigan, DFCU Financial has three neighborhood branches in Lansing and four in Grand Rapids that were acquired with the merger of the former CapCom Credit Union. DFCU Financial recently announced in July 2011 that its branch in Greenville also acquired from CapCom Credit Union would close in August.
In addition to neighborhood branch locations, DFCU Financial also operates branches on the campuses of Henry Ford Health System in Detroit and University of Michigan Health System in Ann Arbor. ATMs are also found in some local workplaces, including hospitals, Ford Motor Company sites in Dearborn, and GE Avionics in Kentwood.
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
headquartered in Dearborn, Michigan
Dearborn, Michigan
-Economy:Ford Motor Company has its world headquarters in Dearborn. In addition its Dearborn campus contains many research, testing, finance and some production facilities. Ford Land controls the numerous properties owned by Ford including sales and leasing to unrelated businesses such as the...
, regulated by Michigan's Department of Licensing and Regulatory Affairs (LARA). DFCU Financial is Michigan's largest credit union. As of October 2010, DFCU Financial had approximately $3 billion in assets, 219,000 members, and 24 branches in Metro Detroit, Ann Arbor, Grand Rapids and Lansing.
Eligibility for membership is extended to anyone who lives, works or worships in the 68 counties of the Lower Peninsula of Michigan
Lower Peninsula of Michigan
The Lower Peninsula of Michigan is the southern of the two major landmasses of the U.S. state of Michigan. It is surrounded by water on all sides except its southern border, which it shares with Ohio and Indiana. Geographically, the Lower Peninsula has a recognizable shape that many people...
. Member deposits up to $250,000 in DFCU Financial are insured through the National Credit Union Share Insurance Fund
National Credit Union Share Insurance Fund
The National Credit Union Share Insurance Fund is administered by the National Credit Union Administration for the purpose of providing deposit insurance to protect deposits of credit union members at insured institutions in the United States. It was created in 1970 shortly after the creation of...
.
History
Ford Engineering Employees Federal Credit Union was founded by employees of Ford Motor CompanyFord Motor Company
Ford Motor Company is an American multinational automaker based in Dearborn, Michigan, a suburb of Detroit. The automaker was founded by Henry Ford and incorporated on June 16, 1903. In addition to the Ford and Lincoln brands, Ford also owns a small stake in Mazda in Japan and Aston Martin in the UK...
Engineering and Styling in February 1950. The Dearborn, Michigan credit union changed its name to Ford Dearborn Federal Credit Union in 1954 and then to Dearborn Federal Credit Union in 1960. In 2003, the credit union renamed itself DFCU Financial.
Bank conversion opposition
In December 2005, DFCU announced that it was seeking to convert to a mutual savings bankMutual savings bank
A mutual savings bank is a financial institution chartered by a central or regional government, without capital stock, that is owned by its members who subscribe to a common fund. From this fund claims, loans, etc., are paid. Profits after deductions are shared between the members...
in order to expand geographically. NCUA initially rejected the member ballots that DFCU wanted to use for the conversion vote. In March 2006, the credit union mailed ballots to its members, enticing them to vote with cash prizes of up to $5000. DFCU encountered strong opposition to its conversion plans from its membership and the credit union community. Michigan Governor Jennifer Granholm
Jennifer Granholm
Jennifer Mulhern Granholm is a Canadian-born American politician, educator, and author who served as Attorney General and 47th Governor of the U.S. state of Michigan. A member of the Democratic Party, Granholm became Michigan's first female governor on January 1, 2003, when she succeeded Governor...
, herself a member of DFCU, urged the membership to carefully review the credit union's disclosures. DFCU spent $1.2 million in its efforts to convince its membership to vote for the conversion and refused to release minutes from meetings of the Board of Directors to the membership. Members of the credit union formed a group called DFCU Owners United to oppose the conversion. The member group gathered 1762 signatures on a petition to recall the Board of Directors. After receiving the petition, DFCU withdrew its application to convert to a bank. Despite being required by its bylaws to hold a special membership meeting within 30 days of receiving the petition, DFCU refused to do so based on federal law. Members filed a lawsuit against the credit union and a Michigan court ruled in favor of the members in March 2008.
Recent Mergers
In 2009, DFCU Financial merged with CapCom Credit Union. CapCom was founded in the 1930s as the Municipal Employees Credit Union by firemen in Lansing to serve municipal employees. The Municipal Employees Credit Union grew through mergers over the years, most recently merging with Citizens Choice, Spartan Stores, Allied Builders & Contractors and Capital Community Credit Union/LSI Financial. The merger was approved by NCUA in November 2008. The merger required approval from DFCU Financial members, since the CapCom state charter was going to be the surviving charter. The vote was approved by the DFCU Financial membership, and on March 1, 2009, the merger was finalized.An official letter announcing a merger with MidWest Financial Credit Union of Ann Arbor was mailed to members on June 15, 2010. MidWest Financial had been formed to serve employees of the University of Michigan Health System. Members of MidWest Financial approved this merger effective October 1, 2010. The computer system integration was completed on March 28, 2011. With this merger, DFCU Financial gained a presence in Washtenaw County with five branch locations.
Operations
DFCU Financial operates neighborhood branches and ATMs in several Michigan communities. Southeast Michigan neighborhood locations include: Ann Arbor, Canton, Commerce Township, Dearborn, Garden City, Livonia, Madison Heights, Riverview and Ypsilanti. On July 15, 2011, DFCU Financial announced that it had broken ground on a new Novi branch on Ten Mile Road near Haggerty. This new branch is scheduled to open by the end of 2011.Outside of Southeast Michigan, DFCU Financial has three neighborhood branches in Lansing and four in Grand Rapids that were acquired with the merger of the former CapCom Credit Union. DFCU Financial recently announced in July 2011 that its branch in Greenville also acquired from CapCom Credit Union would close in August.
In addition to neighborhood branch locations, DFCU Financial also operates branches on the campuses of Henry Ford Health System in Detroit and University of Michigan Health System in Ann Arbor. ATMs are also found in some local workplaces, including hospitals, Ford Motor Company sites in Dearborn, and GE Avionics in Kentwood.