Oakland University Credit Union
| Company type | Credit union |
|---|---|
| Industry | Financial services |
| Founded | 1937 |
| Headquarters | East Lansing , United States |
Area served | Michigan, Illinois (planned expansion) |
Key people | April Clobes (President and CEO) |
| Products | Savings accounts, checking accounts, personal loans, business loans, investments, insurance |
Number of employees | 1300 (2023) |
| Website | www |
The Michigan State University Federal Credit Union (MSUFCU) is a credit union based in East Lansing, Michigan. Primarily serving the students and alumni of Michigan State University and Oakland University, MSUFCU operates under a federal charter and is overseen by the NCUA. It holds the distinction of being the largest credit union affiliated with a university worldwide and ranks as the second-largest credit union within Michigan.
MSUFCU provides a variety of financial products and services, including savings and checking accounts, loans for personal and business purposes, investment options, and insurance offerings. Owned by its members who elect a governing board, the credit union maintains 24 branch locations throughout Michigan. As of November 2023, MSUFCU supports a membership exceeding 350,000 individuals, manages assets over $7.6 billion USD, and employs close to 1,300 team members. Additionally, it participates in the CO-OP ATM network.
History
Founded in 1937 by eight faculty and staff members of Michigan State College of Agriculture and Applied Science, the institution began as the state-chartered Michigan State College Employees Credit Union (MSCECU), initially holding funds in a desk drawer within the college’s administration building.
Following the university's renaming to Michigan State University in 1955, MSCECU changed its name to Michigan State College Federal Credit Union (MSCFCU). The credit union opened an office at the campus Power House Plant in 1956 and moved its primary office to 600 E Crescent Road in 1971 as both membership and assets expanded.
Remaining state-chartered until 1979, the credit union transitioned to a federal charter and adopted its present name. At that juncture, it reported $40 million in assets with a membership base of 29,244; by 1985, assets had grown to $100 million alongside 40,000 members.
2000s: Lansing-area expansion
During the early 2000s, MSUFCU experienced significant growth by establishing branches on Lansing’s West Side (2003), South Lansing (2005), and within the MSU Union on campus (2006). In 2008, it inaugurated a new headquarters in East Lansing constructed to LEED Gold standards. An expansion project announced in 2014 added 186,350 square feet dedicated to call center operations, IT infrastructure, and member services; this additional facility opened in October 2017 coinciding with MSUFCU’s 80th anniversary.
In April 2011, MSUFCU extended its presence into downtown Lansing with a branch on Washington Avenue. Further branch openings included a third location on the MSU campus and one in Haslett during 2012; a Sparrow Hospital branch launched in 2013; followed by new branches in Okemos and Mason in 2014.
After leading for 41 years, President and CEO Patrick McPharlin retired in March 2015. He was succeeded by April Clobes in April of that year; Clobes brought 18 years of experience at MSUFCU including executive roles such as Chief Operating Officer.
2010s-2020s: expansions and acquisitions
In April 2013, MSUFCU merged with Eaton County Educational Credit Union (ECECU), which introduced a new branch location in Charlotte, Michigan. The credit union further expanded in March 2016 through a merger with Clarkston Brandon Community Credit Union (CBCCU), which had been placed under regulatory conservatorship following an embezzlement incident. At that time, CBCCU served 8,536 members with $41 million in assets. This acquisition marked MSUFCU’s initial major entry into Metro Detroit—a region home to more than 100,000 alumni from MSU and OU. Subsequent growth in the Detroit area included opening a Berkley branch in 2019, relocating the Clarkston branch in 2020, and establishing a regional office in Auburn Hills by 2022.
MSUFCU broadened its footprint into West Michigan with a Grand Rapids branch launched in fall 2017 and ventured into Northern Michigan by opening two branches in Traverse City between 2020 and 2021. In April 2023, it unveiled its first downtown Detroit branch followed shortly by an additional Grand Rapids-area branch located in Kentwood.
Plans announced in July 2023 outlined an expansion beyond Michigan with five new branches slated for Chicago’s north side during 2024—targeting the substantial local population of MSU alumni. Further strengthening its Illinois presence, MSUFCU acquired McHenry Savings Bank and Algonquin State Bank in August and September 2023 respectively for approximately $36–38 million.
In November 2023, MSUFCU revealed its acquisition of Gabriels Community Credit Union based in Lansing along with intentions to open two more branches near Detroit—in Novi and Brighton.
Oakland University
MSUFCU functions as the designated credit union and financial services collaborator for Oakland University (OU), operating under the Oakland University Credit Union (OUCU) identity. This branding is consistently applied throughout MSUFCU's branch locations within Oakland County.
The partnership dates back to OU's inception as Michigan State University-Oakland in 1957, with MSUFCU establishing a nearby branch in Pontiac Township (currently Auburn Hills) in 1967. When OU became independent from MSU in 1970, MSUFCU sustained its cooperative relationship. In January 2014, MSUFCU was designated as OU's official credit union and adopted the OUCU branding. Following this, a branch was introduced inside the Oakland Center on campus, alongside multiple OUCU ATMs located throughout university facilities. Most recently, in February 2022, a new branch and regional office commenced operations near the Auburn Hills campus area.
External links
- Official website
- Branch Locations
- National Credit Union Administration's CU Online tool—offers financial and organizational information