After seven months in operation, Chippewa Eagle Federal Credit Union in Mount Pleasant, Mich., has reached the $2 million mark and is nearing a thousand members, the credit union and its core processor said.
The credit union was chartered last year to serve members and employees of the Saginaw Chippewa Indian Tribe, with a potential membership of about 7,800.
The new CU expects to cross the 1,000-member mark by the end of the year and said its performance so far has exceeded its original growth expectations from the NCUA.
The credit union’s president/CEO, Greg Carroll, said a broad product suite that included online, mobile and audio banking, e-statements and receipts and other imaging services has helped CEFCU get off to a fast start.
CEFCU is a participant in the “Starting a Credit Union Program” from CU*Answers, a core processing CUSO based in Grand Rapids, Mich. That offering includes free core processing for the first two years as well as other services.
The program has provided a number of credit unions across the country “a much greater opportunity for achieving a level of financial stability, while promoting a well-rounded service offering during this critical start-up period as they are establishing an initial presence,” said Scott Page, CU*Answers executive vice president.