Michigan One Community Credit Union (M1) announced that the Department of Insurance and Financial Services of the State of Michigan approved M1 for state-wide field of membership effective May 23, 2017. State-wide field of membership means that any person who lives, works, worships or attends school in the state of Michigan can join M1.
“After years of achieving excellent financial strength and security, our volunteer board of directors decided to apply for state-wide field of membership,” said M1 CEO Tim Hemenway. “As many financial institutions in our state continue to merge or close in our communities, Michigan One Community Credit Union remains dedicated to sustaining membership and community value. Expanding our membership from specific counties in Michigan to the entire state, allows us to serve more members, and makes joining easier for members throughout our communities.”
Approval for changes in field of membership require the Department of Insurance and Financial Services to review a variety of credit union information, including historical financial performance and strength, as well as financial projections.