Dow Chemical Employees’ Credit Union in Midland, Mich., closed out 2020 by surpassing the $2 billion-asset mark, with assets rising to $2.1 billion by the end of the first quarter of 2021.
That growth came as earnings surged in 2020, rising 38% from the year before to reach nearly $12 million, according to the most recent call report data available from the National Credit Union Administration. The regulator ranked it as Michigan’s ninth-largest credit union at the close of 2020.
“Surpassing $2 billion in assets is a tremendous milestone for us, and it’s a testament to our members’ loyal participation in our financial cooperative and their faith in us to prudently manage their deposited funds,” CEO Michael Goad said in a press release Tuesday. “Having a healthy capital cushion allows us to continue offering great rates on loans and high returns on savings, enhancing our products and services, and contributing to the community at large.”
DCECU has also positioned itself for further growth by broadening its field of membership, which was previously primarily open only to employees, retirees and family members of about 100 select employer groups. Now eligibility has now been expanded to include donors who contribute $10 or more to the DCECU Members Endowed Scholarship Fund, which is managed by the Midland Area Community Foundation.
The credit union serves roughly 72,000 members.
