Consumers Credit Union was founded in 1951 with a single location. It was originally called Kalamazoo Consumers Power Company Employees Federal Credit Union, a credit union for employees of Consumers Energy. Consumers became a state-chartered credit union in 1964 and its services grew to include employees of the Palisades nuclear power plant in Covert, Michigan. Kit Snyder was named the CEO in 1984. The name changed in 1987 to its current Consumers Credit Union. In 1988, they began allowing employees of companies located in the city of Kalamazoo to become members. In 2017, Consumers Credit Union moved their headquarters into a new administrative center located in The Groves Engineering Business Technology Park in Kalamazoo. Plans for the new headquarters were announced in 2015.
Growth
In 2009, Consumers stated they had a 225% increase in deposits since 2005. In 2013, they reported a 22% growth in their workforce over the prior 24 months. As of September 30, 2017, Consumers had $921 million in total assets and a recorded net income of $9.1 million in the first three quarters of the year. In 2018, Consumers Credit Union surpassed $1 billion in assets.
Awards and recognition
Consumers Credit Union has been included on 101 Best & Brightest West Michigan Companies lists released by the National Association for Business Resources from 2007-2019. They were also included their National 101 Best & Brightest Companies lists from 2013-2017 and their Nation’s Best and Brightest in Wellness list in 2017 and 2019. Corp! Magazine included Consumers Credit Union on a list of top Michigan-based companies in 2009 and named them an economic bright spot in Michigan in 2017, 2018, and 2019. MiBiz ranked Consumers Credit Union as a top Michigan credit union in 2013. In 2017 and 2018, Credit Union Journal ranked Consumers Credit Union as a top credit union to work for. Healthiest Employers included Consumers Credit Union on lists of the 100 Healthiest Workplaces in America in 2016 and 2017. 2019 Iconic Award from the Best and Brightest Companies S&P Global Market Intelligence Announces Best-Performing Community Banks and Credit Unions for 2018 – 40th, 2nd Michigan Revue Magazine’s Best of the West reader’s poll – Second Place – Best Bank/Credit Union 2019 Best Credit Unions to Work For by the Credit Union Journal Michigan Veterans Affairs Agency – Silver – 2019 Veteran-Friendly Employer Award; Less than 9% of employers have reached the Silver level of certification. We were the 25th Silver employer. Wonderful Workplace Award from 269 Magazine
