Michigan State University Federal Credit Union
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| Credit union | |
| Industry | Financial services |
| Founded | 1937 |
| Headquarters | East Lansing, Michigan, USA |
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Number of locations
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17 (2016) |
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Key people
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April M. Clobes, President and Chief Executive Officer |
| Products | Savings; checking; consumer loans; mortgages; credit cards; investments; online banking |
| Total assets | $3.3+ billion USD |
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Number of employees
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730+ |
| Website | msufcu.org |
Michigan State University Federal Credit Union or MSUFCU, headquartered in East Lansing, Michigan, is the largest university-based credit union in the world in membership and asset size. MSUFCU is a federal credit union chartered and regulated under the authority of the National Credit Union Administration (NCUA). A variety of financial products and services are provided by MSUFCU including deposit accounts, personal and business loans, investments and insurance. MSUFCU is owned and operated by members of the Michigan State and Oakland University communities. As of December 2016, MSUFCU has seventeen branches, a membership of nearly 230,000, and over $3.3 billion in assets.
MSUFCU has been awarded the Society for Human Resource Management (SHRM) Top 25 Medium Sized Companies to Work For in 2006 and 2007, and currently staffs over 640 employees. The credit union was also awarded the Lansing Regional Chamber of Commerce Economic Development Award in 2008, was chosen in 2008 as one of Michigan's Next Great Companies by the Michigan Economic Development Corporation, and was named one of the Principal 10 Best Companies for Employee Financial Security by the Principal Financial Group in 2003. In 2014 the National Association of Federal Credit Unions recognized MSUFCU as the Federal Credit Union of the Year and submitter of the Best Annual Report (both for institutions with assets in excess of $250 million).
On November 15, 1937, a petition for state charter was approved for the Michigan State College Employees Credit Union (MSCECU). MSCECU was located in the Administration Building at the Michigan State College of Agriculture and Applied Science (later, Michigan State University) and was operated out of a single desk drawer. At that time, the credit union had $3,000 in assets and 74 members.
In 1955 the State of Michigan renamed Michigan State College as Michigan State University, and MSCECU adjusted its name accordingly to Michigan State Employees Credit Union. The credit union moved to the Power House Plant on MSU’s campus the following year and continued to move around campus as its membership and assets increased.
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