Overview of Our Credit UnionFirst established in 1959, Our 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 48th 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 Our 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 5 branches and employs a total of 80 employees.
Details on the Credit Union’s Balance SheetThe credit union currently has total assets of $365 million, total deposits of $335 million and net loans outstanding of $225 million. On average its members had a total of $14,859 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. Furthermore, the credit union has a loan to deposit ratio of 67% which is higher than credit unions of comparable size. Our Credit Union’s peer set of credit unions have a loan to deposit ratio of approximately 63%. A lower ratio is better since it means that a credit union’s lending activities are more comfortably covered by its deposit base. Taking a closer look at the credit union’s loan portfolio, we see that auto loans represent 43% of the total and currently stands at $98 million, while there is $91 million of loans outstanding from mortgages and lines of credit which represents 41% of the credit union’s loan portfolio.
Contact and Other Helpful Information
- Main Office Address: 3070 Normandy Rd, Royal Oak, MI 48073
- Website: http://www.ourcuonline.org
- Phone: (248) 549-3838
- Charter Number: 62028
- Charter Year: 1959
- Employees: 80
- Routing Number: 272484373
- Membership: The credit union has a membership base of 22,542 which is 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 3%.
Our Credit Union: Financial OverviewAs shown in the above chart, Our Credit Union’s assets have increased by 20.1% over the past year, while its auto loans – which is its largest category of lending – have expanded by 3.9% over the past year. Furthermore, the company’s deposits have expanded by 22.9% while its total loans have expanded by 15.9%. We like to look at a credit union’s net worth to get a sense of the performance of the entity over the years for its members. Our Credit Union has a total net worth of $29 million while the average credit union in the United States has a net worth of $41 million. This implies that the credit union has a net worth per member of $1,267 which is below the national average of $1,606.
Overview of the Credit Union’s Performance MetricsThe chart above compares Our Credit Union’s performance on three metrics to credit unions in its peer group and also shows the credit union’s performance on each metric in the prior year. These are some of the important measures for a credit union’s performance that we look at. If we take a look at Our Credit Union’s return on assets – which is usually a good measure of how efficiently a company is using its assets to produce profits – we see that the credit union is below the average comparable credit union and also that over the past year ROA has declined given the year over year change of 0.11%. 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. Our 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. The net worth ratio for the credit union is 7.8% and has declined compared with the prior year figure of 9.0%. The credit union is also below its peer group average of 9.7% on this metric. Finally, based on the NCUA guidelines, the company’s net worth ratio would classify it as well capitalized.
ConclusionAfter factoring in all the relevant information and data, our final rating for Our Credit Union is 2.7 out of 5.0, which is above average. Finally, please note that the rating information presented is based on our proprietary scoring system. None of the work presented 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|
|Frankenmuth Credit Union||http://www.frankenmuthcu.org||61,250|
|Wildfire Credit Union||http://www.wildfirecu.org||49,780|
|Embers Credit Union||https://www.embers.org||29,923|
|Our Credit Union||http://www.ourcuonline.org||22,794|
|Gerber Federal Credit Union||http://gerberfcu.com||16,332|
|Parda Federal Credit Union||http://www.parda.com||15,305|
|Peninsula Federal Credit Union||http://peninsulafcu.com||13,832|
|Filer Credit Union||http://www.filercu.com||10,713|
|Aeroquip Credit Union||http://www.aeroquipcu.com||3,946|
|Tri Cities Credit Union||http://www.tricu.org||3,929|
|Grand Trunk Credit Union||http://www.grandtrunkcu.com||2,730|