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admin @ 2:18 pm

Click here for an interactive show about Michigan First’s history.

1926
The first organizational meeting of the credit union was held on April 15, 1926, to discuss a set of bylaws. Nine teachers from a Sociology class at Detroit Teachers College subscribed $95 and officially formed the organization known as Detroit Teachers Credit Union (DTCU).The office of E.W. McFarland at the Teachers College served as the business office and membership was limited to persons employed by the Detroit Board of Education. On May 5, J.C. Howell was named first Treasurer/Manager and Mary Holland was elected first President. Business grew quickly and on May 6, the office was moved to J.C. Howell’s family dining room. Mrs. Howell kept a white cloth on the table which was rolled back in the evenings when J.C. spread out the membership cards and conducted business. Members began coming to the house to discuss loans. There were no office hours; whenever members showed up, business was conducted.

1931-1934
The credit union needed more office space. The Howells moved to 1735 Calvert Avenue, a two-family flat on April 1. J.C. Howell planned a stairway down into the deep basement, and partitioned off two small offices for credit union business.

1935-1939
As DTCU expanded, additional office space was again needed. Four teller windows were created and opened for business in the Calvert basement on September 23, 1935. On February 24, 1936, the credit union began to offer first mortgages at a rate of 6%. DTCU continued to grow, and by the following year, reached $1 million in assets.

1944-1952
The credit union had grown to $3.5 million in assets by the end of 1944, and was the largest teachers’ credit union in the world! Just five short years later, in December, 1949, assets reached $10 million. In 1952, with assets of $15 million, the credit union took over as the largest credit union in the world, a position retained until the sixties when replaced by the Navy Federal Credit Union.

1955-1957
As the credit union outgrew its Calvert office, property onPuritan Avenue was purchased to erect the new office and a ground breaking ceremony was held on September 21, 1955. Once construction on the new Puritan office was completed, the credit union moved in on November 16, 1956. The official open house for the new Puritan office was held on January 18, 1957.

1960-1966
In 1960, assets reached $25 million, making Detroit Teachers Credit Union the first credit union in the world to achieve this milestone. Another first occurred in 1961, when DTCU became the first credit union in Michigan to install an electronic computer. On January 1, 1963, the first interest rebate for members was declared. Around this time the credit union also began to branch out. On September 5, 1964, a new Wayne Campus Branch opened in the School Center Building, followed by the grand opening of an Eastland Branch on September 6, 1966, in the Professional Building on Eight Mile Road.

1967-1970
During this period, a number of new services and accounts were introduced. The Christmas Club Account was introduced on January 2, 1967; Spread-the-Pay was introduced on September 1, 1969; and a new Signature Loan Service (SLS) was introduced on October 8, 1969. DTCU reached $50 million in assets and during the summer of 1970, introduced Teachers Auto Club, a new concept of car financing to replace leasing.1971-1974 On November 1, the first Southfield Office was opened and located in the historic “Brooks School,”Southfield’s first one-room schoolhouse. On March 23, 1974, family memberships were made available to relatives of the primary members allowing them to join the credit union.1975 The credit union reached $75 million in assets on April 30, 1975. Beginning July 1, a new Share Draft program was tested (also known as checking accounts). DTCU also entered into a partnership with Service Centers Corporation and helped to pioneer the shared branching concept. July of 1975 was the first month to see the credit union’s loan volume exceed $4 million in a single month. By the fall, direct deposit of Social Security checks became available.

1980-1985
The credit union went online real-time on September 1, 1980. On September 25, 1983, a new ATM program was introduced as a convenience service. By November 30 of that same year, DTCU introduced a VISA/MasterCard program. By the fall of 1985, construction of a new Southfield office at Evergreen and 10 Mile Road was complete. The grand opening was held on October 3.

1991-1995
In November, 1991, a new Audio Teller program rolled out, which provided account information over the telephone. The credit union also introduced Plan America, a financial planning service for members. The Eastland office moved from the Professional Building to a new location in the lower level of the Eastland Mall. The grand opening of the new office was on October 6, 1992. Member Advantage, a leasing program offered exclusively to credit union members, was introduced in March, 1994. In 1995, the Puritan Office underwent remodeling for the second time, and on November 6 a new state-of-the-art computer was installed.

2000-2005
As the credit union’s membership continued to grow and change over the years, management and the Board recognized the need to change as well. In April of 2001, the credit union changed its name to Michigan First Credit Union, to reflect the diversity of the growing membership.In 2004, two additional branches opened, and a third was expanded and remodeled. The New Center Branch is located in the New Center One building on West Grand Blvd., in Detroit. The Gratiot Branch is located in Eastpointe on Gratiot and 8 1/2 Mile Road. The renovatedWayne Branch is located in the Maccabees Building on Woodward Ave., in Detroit. More new 24/7 services were introduced including: Online Banking, Bill Pay, and loan applications both online and by phone.One of the most exciting announcements for the Board, Management and Staff was the location for a new headquarters in Lathrup Village. Continuing growth created the need for a larger facility as more members discovered the benefits of turning to Michigan First as the only place to do their banking! The groundbreaking for the new headquarters was held in May of 2005.

2006-Present
On March 7, 2006, Michigan First opened its first “high-school” branch – an actual credit union branchinside Southfield-Lathrup High School for both students and staff. High school students are able to gain real world experience by working part-time in the branch. Also available at the school is a Michigan First ATM. Recently, the credit union opened additional high school branches. In July of 2006, credit union team members moved into the new Evergreen Branch and headquarters. The branch opened to the public in September of the same year. The three-story building is a 10,000 square-foot, full-service, high-tech branch. The branch offers six double-stacked drive-thru lanes that can service 12 cars at a time, four drive-up ATMs and three MoneyWorks® Banking Centers. Inside the branch there are eight teller stations, financial investment, and insurance services offices and a large reception area with floor-to-ceiling windows. For children, there is a play area complete with a salt-water aquarium, activity tables, reading materials and a sitting area. In 2006, the student branch program had expanded to include ten schools. Michigan First and Southfield Public Schools have partnered in student-run branches at Adler Elementary, Birney Middle School, Brace-Lederle School, Crescent Academy, Laurus Academy, Leonhard Elementary, Levey Middle School, MacArthur Academy, McIntyre Elementary, and Stevenson Elementary. The branches are run by elementary and middle school students, with support from Michigan First team members. Student-run branch transactions are limited to deposits only.

In 2007, Michigan First introduced a host of new products and services, including:

• Investment services with a new Wealth Management Group
• MoneyPerks® Rewards, offering members real rewards for using select services
• Enhanced Business Services portfolio, including Business and Commercial Lending
• Preferred Dealer Program, offering members special perks and discounts for buying a vehicle at select dealerships and financing through Michigan First
• MoneyNow overdraft service for members with checking accounts

In 2008, the Puritan office closed its doors and a brand new state-of-the-art branch opened on Wyoming Avenue in Detroit. The following year, Michigan First saw its assets top $500 million for the first time and an upgraded Online Banking service was launched which even allows members to scan and deposit a check from home. In 2009, the credit union initiated a strategy of opening in-store retail branches with the September 1, 2009 addition of a branch in the Fraser Meijer store. This branch, along with the new Lincoln Park Meijer branch, is open extended hours including Saturdays and offers 24/7 banking with convenient technology available round-the-clock.

By the end of 2009, the credit union had expanded its charter to open membership in Michigan First to anyone who lives, works, or worships in Macomb, Oakland, or Wayne Counties – totaling approximately 1.5 million households – as well as the students, alumni and staff of many educational organizations.

And today: with more than $550 million in assets, Michigan First has represented financial stability to its members since 1926, and now serves nearly 80,000 area residents and businesses. It’s been over 80 years since the beginning, and the credit union continues growing strong by providing the best in financial products and services to its valued members!

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