Consumers Credit Union grows to $1 billion in asset size
Kalamazoo, MICH — On May 31, 2018, Consumers Credit Union reached a new milestone of $1 billion in asset size, making it 95 percent larger than all credit unions in the nation. The 19-office credit union that serves West Michigan celebrated the historic moment with an employee celebration last week at their corporate headquarters, The Groves.
The company recently moved last December into its new home on the 22-acre site located in Kalamazoo, where it has been headquartered since its founding in 1951.
“I am so proud of our organization. So happy that we are able to serve our members with exceptional products and services,” said Kit Snyder, president and CEO of Consumers. “This is a wonderful moment for our 89,000 share members and just a stepping stone for the good work ahead of us.”
Consumers has averaged 18 percent annual growth for more than 30 years, offering a full-line of products, including business lending, mortgages and investment services. The company has always been on the forefront of technology and was among the first credit unions to offer online banking in 1997 and introduce niche banking tools like Apple Pay in the nation. Their recent introduction of Interactive Tellers to select markets and service functions plays up the company’s mantra of allowing members to bank how they want, when they want.
“In recent years our growth has been fueled through culture and performance,” Snyder explains. “And while new technology is something we’re always pursuing, the other half of the equation is our outstanding people at Consumers. Our culture is unmatched.
“And because we have happy employees, our members are better served.”
Consumers is the winner of many Best and Brightest Awards on the national level and regularly receives recognition for its wellness and training programs and overall performance—most recently receiving a nod on Forbes’ 2018 Best Credit Union list and a statewide Economic Bright Spot honor from Corp! magazine.
Consumers’ Historical Moments
1951 – Established as the Kalamazoo Consumers Power Company (KCPC) Employees Federal Credit Union
1956 – First full-time employee hired
1964 – Became state chartered
1965 – Reached $1 million in assets
1980 – Changed name to Southwestern Michigan Utilities Employees Credit Union (SWMUECU)
1983 – Kit Snyder named CEO/President
1987 – Name changed to Consumers Credit Union; charter expands to allow employees of companies located in the city of Kalamazoo
1988 – Charter expands to include select employee groups (SEGs) in Kalamazoo County
2002 – Charter expands to Kalamazoo, Van Buren, Allegan and Barry Counties; assets reach $100 million
2006 – Charter expands to 11 counties in West Michigan, including Allegan, Barry, Berrien, Branch, Calhoun, Cass, Kalamazoo, Kent, Ottawa, St. Joseph and Van Buren Counties
2013 – $500 million assets reached
2015 – Charter expands to all of the lower Peninsula
2017 – Moved into The Groves headquarters
(Top right) Consumers commemorative $1 billion cooler, glass and ale set. The credit union collaborated with business member One Well Brewing of Kalamazoo to special label a Consumers $1 Billion Ale for the historic celebration. (Middle right) Kit Snyder, president and CEO of Consumers, speaks during the celebration. (Lower right) Overhead shot of Consumers’ corporate headquarters, The Groves, during the festivities.