One of the largest employers in northern Michigan is about to open a credit union.

No, it's not an auto manufacturer or a supplier. It's the Saginaw Chippewa Indian Tribe, which received NCUA approval in May for Chippewa Eagle Federal Credit Union in Mt. Pleasant. CEFCU was chartered to serve tribal members and employees, giving it a potential membership of 7,800.

At a time when Michigan is battling record high unemployment, members of the Chippewa tribe have enjoyed income from casinos in Mt. Pleasant and Standish. Actual revenue figures are only released to tribal members, but according to calculations by the Bay City Times, the tribe's profits were $17 million for the first three months after the Standish casino opened in 2008.

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