Frankenmuth Credit Union
| Company type | Credit union |
|---|---|
| Industry | Financial services |
| Founded | 1964 |
| Headquarters | Frankenmuth , United States |
Area served | Bay, Genesee, Huron, Midland, Ogemaw, Saginaw, Sanilac, Shiawassee, Tuscola counties in Michigan |
| Products | Financial products, insurance, trust administration, investment management services |
Frankenmuth Credit Union is a state-chartered credit union with federal insurance, headquartered in Frankenmuth, Michigan. It was established in 1964.
History
The credit union was created by workers from Carling Brewery and Star of the West Milling Company, initially catering to brewers and millers in the Frankenmuth region, including Carling Brewery, Zeilinger Beverage, and Geyer's Brewery. In 1969, membership was extended to encompass the broader local community.
In December 2017, Frankenmuth Credit Union entered into a decade-long naming rights contract for the Birch Run Expo Center, which was subsequently renamed the Frankenmuth Credit Union Event Center. This facility was closed and sold to Camping World in November 2020.
In 2020, the credit union earned recognition from Forbes and Statista as one of the leading credit unions nationwide. By July 2021, it had broadened its offerings to include services tailored to Michigan’s cannabis sector.
On July 31, 2021, Frankenmuth Credit Union completed a merger with Owosso WBC Federal Credit Union, continuing under the Frankenmuth Credit Union name.
As of February 2024, branches were operating throughout Bay, Genesee, Huron, Midland, Ogemaw, Saginaw, Sanilac, Shiawassee, and Tuscola counties.
Operations
Frankenmuth Credit Union provides financial products, along with insurance, trust administration, and investment management services for both personal and business clients.
Controversies
In February 2024, an eight-count civil lawsuit was filed in Saginaw County, Michigan against Frankenmuth Credit Union and Great Lakes Homes by sixteen plaintiffs from Saginaw, Bay, Midland, and Roscommon counties. The plaintiffs allege that despite a title company discontinuing business with Great Lakes Homes due to suspected fraudulent activities, the credit union continued directing clients to that builder. The complaint asserts that the credit union pressured clients into signing 'Draw Distribution Authorization' forms to release funds to Great Lakes Homes while construction on their homes remained incomplete or defective. The suit demands damages exceeding US$25,000 for each count.