Filer Credit Union: Overview of the Credit Union

First established in 1951, Filer Credit Union is a credit union based in the state of Michigan and also one of the largest credit unions in the country. It is the 71th largest credit union operating in the state of Michigan as measured by total assets. The credit union falls under the category: state charter. Unlike banks, credit unions like Filer Credit Union are not insured by the Federal Deposit Insurance Corporation (FDIC) but instead receive deposit insurance from the National Credit Union Administration (NCUA), which operates in a similar fashion to the FDIC. The company has a total of 3 branches and employs a total of 34 employees.

Discussion of the Credit Union’s Operations

The credit union currently has total assets of $214 million, total deposits of $189 million and net loans outstanding of $102 million. On average its members had a total of $17,898 deposited with the credit union – this is a helpful metric to monitor as it provides us with an idea of the level of engagement of the credit union’s membership base. The average credit union in Filer Credit Union’s peer set has a loan to deposit ratio of approximately 63%. In comparison, Filer Credit Union has a loan to deposit ratio of 54% which is clearly lower than the peer set. A lower ratio is generally better as it indicates that the lending activities of a credit union are more comfortably covered by its deposit base. Deposits are often the most cost effective source of funding for banks and credit unions. Lastly, Filer Credit Union’s loan portfolio mainly consists of mortgages and lines of credit and auto loans which represent 61% and 22% of its loan book and had outstanding balances of $62 million and $22 million, respectively.

Contact and Other Helpful Information

  • Main Office Address: Po Box 375, Manistee, MI 49660
  • Website:
  • Phone: (231) 723-3400
  • Charter Number: 62010
  • Charter Year: 1951
  • Employees: 34
  • Routing Number: 272479867
  • Membership: The credit union has a membership base of 10,548 which is significantly smaller than the average credit union operating within the state. Credit unions in Michigan each have on average 27,640 members. Over the past three years, the credit union’s total base of members has increased by 14%.

Filer Credit Union: Financial Overview

filer credit union-balance-sheet-metrics The above chart summarizes the trends in key balance sheet items for Filer Credit Union. First off, it is noteworthy that across the board, all four items have increased over the past year. The credit union’s assets have increased by 15.4% while its total loans have grown by 17.6%. In addition, the company’s mortgages and lines of credit have grown by 20.4% while its deposits have grown by 21.1%. ‘Net worth’ is a good way to assess the long-term performance of a credit union as it represents the accumulated value of the entity over time. Importantly this is value that accrues to the credit union’s owners: its members. Filer Credit Union has a total net worth of $22 million. This implies that the credit union has a net worth per member of $2,122 which is greater than the national average of $1,606.

Overview of the Credit Union’s Performance Metrics

filer credit union-selected-performance-metrics In the above chart we have displayed three statistics that are important in evaluating a credit union’s performance and shown how Filer Credit Union compares on these metrics, in addition to detailing how the credit union performed on each metric in the prior year. Beginning with Filer Credit Union’s return on assets (aka ROA), on this statistic the credit union performs well above the average comparable credit union. When we look at the year over year trends, we can see that ROA has improved given the 0.17% change. A credit union’s ROA is a good way of assessing how well the entity is using its assets to generate returns. We look at the delinquency rate within a loan portfolio as a way to assess the performance and quality of a credit union’s loan book. A lower delinquency rate indicates a better performing portfolio. Filer Credit Union has a delinquency rate that is below its peer group average and when compared with the prior year, we can see that it has improved substantially. Finally, the net worth ratio for the credit union is 10.5% which is well above its peer group average of 9.7%. This metric has declined on a year over year basis and stood at 11.0% a year ago. Based on the NCUA guidelines, the credit union is considered to be well capitalized.


Overall, we believe Filer Credit Union deserves a rating of 4.1 out of 5.0, which is exceptional. As a final note, please remember that our rating is the product of a proprietary scoring methodology which uses nationwide data for credit unions and our survey work. Importantly, none of the work presented herein is intended to be investment advice or advice of any sort and is presented purely for informational purposes.

Other Credit Unions in Michigan

Credit Union Name Website Total Members
Lake Michigan 431,725
MSUF 321,315
Genisys 249,535
DFCU Financial 232,424
United 190,986
Frankenmuth Credit Union 61,250
Wildfire Credit Union 49,780
Embers Credit Union 29,923
Our Credit Union 22,794
Gerber Federal Credit Union 16,332
Parda Federal Credit Union 15,305
Peninsula Federal Credit Union 13,832
GLFFCU 8,681
Aeroquip Credit Union 3,946
Michigan Coastal Credit Union 2,944
Grand Trunk Credit Union 2,730