Banking regulators in Michigan have approved a field-of-membership expansion for Flint-based Financial Plus Credit Union, granting it the ability to offer membership to anyone who lives, works, worships or attends school in the state.
Financial Plus is the latest credit union in Michigan to gain a statewide reach. Last year, TRUE Community Credit Union, then known as CP Federal,
“Our organization is excited for the ability to serve the whole state,” Financial Plus CEO Brad Bergmooser said in a press release Tuesday. “The expansion solidifies our commitment to future growth. Offering a premier member experience through digital banking investments aimed at complementing our brick-and-mortar and contact center delivery channels is a pillar of our strategic plan, and we truly believe it gives residents throughout the State another much-needed Michigan-based financial services option.”
The $700 million-asset credit union currently has eight branches, primarily located near Flint, and serves more than 55,000 members. It earned $1.7 million last year, according to call report data from the National Credit Union Administration, down from the $2.4 million it earned in 2019, due in part to rising staffing costs and reductions in noninterest income.
