Kalamazoo-based Consumers Credit Union surpassed a key milestone when it hit $1 billion in assets back in May 2018. By the end of the third quarter, the 92,000-member credit union had grown assets further to $1.07 billion, and President and CEO Kit Snyder expects assets to close the year at $1.1 billion. The growth during 2018 came as Consumers Credit Union settled into a new headquarters in The Groves Engineering Business Technology Park in Kalamazoo.
A pair of initiatives across Southwest Michigan have a similar goal: supporting entrepreneurs starting small businesses in their respective cities and urban cores.
Nearly 150 Consumers Credit Union employees from four different locations have come together in one new three-story, 92,000-square-foot headquarters.
More bank branches closed in Michigan than in 45 other states in the years following the most recent financial crisis.
Most research firms project the commercial real estate market in West Michigan will maintain slow but steady growth in 2016.
Lake Michigan Credit Union in Grand Rapids and Kalamazoo-based Consumers Credit Union ranked among the 50 best-performing credit unions in the U.S. for 2015.
Many credit unions recorded 2015 loan growth in the double digits, said Kenley Penner, a partner and the head of Plante Moran PLLC’s credit union practice. Penner attributes the results and lending growth to a “relatively strong” housing market that’s driving mortgage originations, coupled with strong sales volumes for both new and used vehicles.