We're a credit union serving the western suburbs of Detroit and two counties in Northern Michigan. Michigan continues to struggle, but there have been huge improvements in our economy over the last four years. People in our communities are looking for a local community based financial institution that is interested in serving their needs and the needs of their community.
In 2012 we were able to grow checking accounts by 8.9% and saw overall loan growth slightly over 9%. Our loan to share ratio is over 100%. 2012 saw a huge increase in mortgage lending. We sold most of the $137 million we originated, but we retain the servicing on these loans so that we continue to maintain our mortgage relationship with our members.
We made significant contributions to service organizations in our communities because we recognize that the strength of our community is based on our ability to help each other. We also worked with our school partners and over 30 student run credit unions designed to educated youth on basic financial concepts supported by our five team members totally dedicated to youth education.
We expect all these positive trends to continue in 2013 and we see the Michigan economy continuing to improve. Over the long term we expect to see more competition as other financial institutions stop ignoring the Michigan market. We continue to prepare for interest rate increases that are inevitable.
We are committed to our Michigan markets and are excited to be in a position to continue to meet our member’s financial needs. We are also looking forward to building our market share within our current markets as more and more people realize the positive differences that come from doing their banking with Community Financial.
Bill Lawton, CEO
Community Financial Credit Union
$503M, Plymouth, MI