Michigan First Credit Union is in the process of expanding across Michigan, and it's using Kroger as a vehicle on that journey.
The Lathrup Village-based credit union opened its first in-store branch in a Kroger supermarket in Macomb Township at the corner of 26 Mile and Romeo Plank. It plans to open four more branches in Kroger supermarkets in St. Clair Shores, Southgate, Brownstown Twp., and Roseville before the end of the year.
"We are in constant growth mode," says Michael Poulos, president & CEO of Michigan First Credit Union
. "Within two years we should have a minimum of eight Kroger branches."
Michigan First Credit Union signed a multi-year contract with Kroger to open in-store branches across Michigan. These in-store Kroger branches replace the handful of branches Michigan First Credit Union had in Meijer stores.
The in-store branch measures 500 square feet and can facilitate savings, loan, and investment support services. They also feature MoneyWorks ATMs that allow users to select bills in multiple denominations (from $50s to $1s) and allow members to make loan or credit card payments.
"We like the in-store model," Poulos says. "We get the opportunity to talk to people who aren't members of Michigan First Credit Union. We get to offer extended hours."
Michigan First Credit Union was founded in 1926 by a group of Detroit teachers. It has since grown to 110,000 members across Michigan, adding about 10,000 new members over the last year. The credit union has about $750 million in assets (up $50 million from last year) and a $390 million loan portfolio (up $30 million over the last year).
The credit union also employs 300 people and a handful of interns. It has hired 40 people over the last year and is looking to fill six open positions. You can check out the job openings here
. Poulos expects those numbers to continue to climb as the credit union focuses on growing its presence across the Great Lakes State.
"Now we can serve the entire state of Michigan," Poulos says. "We are looking for more opportunities across the state."
Source: Michael Poulos, president & CEO of Michigan First Credit Union
Writer: Jon Zemke