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{{Infobox company |
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| name = Frankenmuth Credit Union |
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| logo = |
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| type = [[Credit union]] |
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| founded = {{start date|1964}} |
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| location = [[Frankenmuth, Michigan|Frankenmuth]], [[Michigan]], [[United States]] |
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| key_people = |
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| area_served = |
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| industry = [[Financial services]] |
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| products = [[Savings account|Savings]]; [[Checking account|checking]]; [[Loan|consumer loans]]; [[mortgages]]; [[credit card]]s; [[online banking]] |
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| assets = |
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| employees = |
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| subsid = |
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| homepage = {{Official URL}} |
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}} |
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'''Frankenmuth Credit Union''' is a state-chartered [[credit union]] headquartered in [[Frankenmuth, Michigan]], |
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== History == |
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Frankenmuth Credit Union was founded in 1964 by the employees of the Carling Brewery and Star, of the West Milling Company.<ref name=":1">{{Cite web |date=2024-01-03 |title=Frankenmuth Credit Union opens Marlette branch - Sanilac County News |url=https://sanilaccountynews.mihomepaper.com/articles/frankenmuth-credit-union-opens-marlette-branch/ |url-status=live |access-date=2024-05-26 |website=Sanilac County News}}</ref><ref name=":2">{{Cite web |date=2023-08-31 |title=Frankenmuth Credit Union welcomes Todd Tate |url=https://huroncountyview.mihomepaper.com/articles/frankenmuth-credit-union-welcomes-todd-tate/ |url-status=live |access-date=2024-05-29 |website=Huron County View}}</ref><ref name=":3">{{Cite web |last=Gara |first=Antoine |title=The Best Banks And Credit Unions In Every State 2020 |url=https://www.forbes.com/sites/antoinegara/2020/06/25/the-best-banks-and-credit-unions-in-every-state-2020/ |url-status=live |access-date=2024-05-29 |website=Forbes |language=en}}</ref> Their original stated purpose was to serve the brewers and millers of the Frankenmuth, Michigan area.<ref name=":1" /><ref name=":2" /><ref name=":3" /> It opened its membership to the wider community in 1969.<ref name=":4">{{Cite web |last=Galbraith |first=MJ |date=2018-08-23 |title=Frankenmuth-based credit union to open branch in Midland's Center City |url=https://www.secondwavemedia.com/midland/devnews/FCUinSeptmeber.aspx |url-status=live |access-date=2024-05-29 |website=Catalyst Midland |language=en}}</ref> |
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In December 2017, the company signed a ten-year naming rights deal to have the Birch Run Expo Center renamed the Frankenmuth Credit Union Event Center.<ref>{{Cite web |date=2017-12-22 |title=Birch Run Expo Center Is Renamed Frankenmuth Credit Union Event Center |url=https://news.pollstar.com/2017/12/22/birch-run-expo-center-is-renamed-frankenmuth-credit-union-event-center/ |url-status=live |access-date=2024-05-29 |website=Pollstar News |language=en-US}}</ref><ref>{{Cite news |last=Clifford |first=Tyler |date=2017-12-22 |title=Frankenmuth Credit Union gets naming rights to Birch Run Expo Center |url=https://www.crainsdetroit.com/article/20171222/news/648386/frankenmuth-credit-union-gets-naming-rights-to-birch-run-expo-center |url-status=live |access-date=2024-05-28 |work=Crain's Detroit Business}}</ref> The venue ultimately closed and was sold to [[Camping World]] in November 2020.<ref>{{Cite web |last=Holloway |first=Caleb |date=2021-01-07 |title=Camping World aims to open in the Spring in Birch Run at old Event Center |url=https://midmichigannow.com/news/local/camping-world-aims-to-open-in-the-spring-in-birch-run-at-old-event-center |access-date=2024-05-29 |website=[[WEYI-TV|WEYI]] |language=en}}</ref> |
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It was recognized in 2020 by [[Forbes]] and Statista as one of the best credit unions in the nation.<ref name=":3" /> |
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In July 2021, the company introduced services specifically for the marijuana industry in Michigan.<ref>{{Cite web |date=2021-07-28 |title=Michigan credit union to offer banking services to marijuana companies |url=https://mjbizdaily.com/michigan-credit-union-to-provide-banking-services-to-marijuana-companies/ |url-status=live |access-date=2024-05-29 |website=MJBiz}}</ref><ref>{{Cite web |last=Jordan |first=Jerilyn |date=2021-07-27 |title=Frankenmuth Credit Union launches new program to service cannabis businesses despite legal grey area |url=https://www.metrotimes.com/weed/frankenmuth-credit-union-launches-new-program-to-service-cannabis-businesses-despite-legal-grey-area-27681753 |url-status=live |access-date=2024-05-29 |website=Detroit Metro Times |language=en}}</ref> |
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The company merged with Owosso WBC Federal Credit Union on July 31, 2021.<ref name=":5">{{Cite web |date=2022-08-19 |title=Local Frankenmuth Credit Union branch open for business |url=https://www.argus-press.com/business/article_2499db28-1fcb-11ed-84f0-672c1af01fbb.html |url-status=live |access-date=2024-05-29 |website=The Argus-Press |language=en}}</ref> |
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By February 2024, the company had branches in Midland,<ref name=":4" /> Sanilac, Huron, Bay, Genesee, Huron, Ogemaw, Saginaw, Shiawassee,<ref name=":5" /> and Tuscola counties.<ref name=":1" /><ref name=":2" /><ref>{{Cite web |title=Contact Us-Locations |url=https://frankenmuthcu.org/contact-fcu/ |access-date=2024-05-29 |website=Frankenmuth Credit Union |language=en-US}}</ref> |
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== Operations == |
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Frankenmuth Credit Union provides financial services as well as insurance, trust, and investment solutions to individuals and businesses.<ref name=":2" /><ref name=":3" /><ref name=":4" /> |
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== Controversies == |
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In February 2024, the credit union was sued, along with Great Lakes Homes, in an eight-count civil lawsuit filed in [[Saginaw County, Michigan]] by sixteen plaintiffs from Saginaw, [[Bay County, Michigan|Bay]], [[Midland County, Michigan|Midland]] and [[Roscommon County, Michigan|Roscommon]] counties in [[Michigan]].<ref name=":0">{{Cite web |last=Camp |first=Terry |date=2024-02-16 |title=Home builder, Frankenmuth Credit Union sued for fraud after loan controversy |url=https://www.abc12.com/news/home-builder-frankenmuth-credit-union-sued-for-fraud-after-loan-controversy/article_ae7bd78c-cd18-11ee-8b2e-93b5a3ef1415.html |url-status=live |access-date=2024-05-26 |website=ABC 12 WJRT-TV |language=en}}</ref> The plaintiffs alleged that the credit union continued to send clients to Great Lakes Homes, even after a title company would no longer do business with Great Lakes Home because of suspected fraud.<ref name=":0" /> The lawsuit also claims that the credit union pressured clients to sign 'Draw Distribution Authorization' documents to release funds to Great Lakes Home and that the plaintiffs' homes construction were either not started, not completed, or deficient.<ref name=":0" /><ref>{{Cite web |last=Camp |first=Terry |date=2023-04-11 |title=Credit union releases statement on on Freeland-based Great Lakes Homes controversy |url=https://www.abc12.com/news/local/credit-union-releases-statement-on-on-freeland-based-great-lakes-homes-controversy/article_166461fe-d8ad-11ed-86fa-8f2e776e86da.html |url-status=live |access-date=2024-05-29 |website=ABC 12 WJRT-TV |language=en}}</ref> The lawsuit asked for damages of more than $25,000 for each of the eight counts.<ref name=":0" /> |
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== See also == |
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* [[Credit unions in the United States]] |
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* [[List of credit unions in the United States]] |
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== References == |
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{{Reflist}} |
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== External links == |
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* {{Official website}} |
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<nowiki> |
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[[Category:Credit unions based in Michigan]] |
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[[Category:American companies established in 1964]] |
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[[Category:Banks established in 1964]] |
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[[Category:Frankenmuth, Michigan]] |
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</nowiki> |
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