Downriver Community Federal Credit Union
 | |
| Type | Credit union |
|---|---|
| Founded | January 29, 1942 Ecorse, Michigan |
| Headquarters | 4320 West Jefferson Avenue Ecorse, Michigan |
Number of locations | 4 branches |
| Total assets | $210.60 million (December 2021) |
The Downriver Community Federal Credit Union is a credit union based in the Downriver area of southeastern Michigan, with four branches.[1] Founded in 1942 as the Great Lakes Steelworkers Federal Credit Union, as of 2020, membership includes all residents of eighteen Downriver communities.[2]
History[edit | edit source]
The Great Lakes Steelworkers Federal Credit Union was organized on January 29, 1942 by a group of selected Great Lakes Steel Corporation employees. By 1943, the credit union had $3,400 in assets and 130 members, and expanded its services to include all workers of Great Lakes Steel Corporation and their families.[2]
After operating for 18 years in the Union Local building of Great Lakes Steel Corporation's Ecorse complex, the credit union established its first permanent office in 1960 at 4320 West Jefferson Avenue. Reflecting the fact that the organization's services weren't limited to Great Lakes Steel Corporation's employees and their family members, but were also available to all residents of Ecorse and the neighboring city of River Rouge, its name was changed to Downriver Community Federal Credit Union on February 26, 1982.[2]
The credit union opened its second office at 18707 West Road in Woodhaven in September 2003. On February 10, 2004, with assets of $106,900,000, DCFCU merged with the Detroit Marathon Employees Federal Credit Union.[3][2] Another branch at 1262 Dix Highway in Lincoln Park opened in November 2004.[2] Another merger took place on January 1, 2008, with DCFCU acquiring Wyandotte Community Federal Credit Union and its office at 4500 Biddle Avenue in Wyandotte.[2]
In 2015, DCFCU had $142,000,000 in assets and 16,000 members.[2] After beginning construction in 2019,[4][5] DCFCU relocated its Wyandotte office and some main office functions (previously based in Ecorse) to a new building at 15261 Trenton Road in Southgate on June 3, 2020. The Southgate building occupies a Southgate Shopping Center parcel that was previously the site of a Service Merchandise catalog showroom.
DCFCU previously had two standalone automated teller machines located inside CVS Pharmacy drugstores #8064 and #8122, though both were removed by 2022 (in the case of CVS Pharmacy #8122, the ATM there was most likely removed following the store's closure).
Locations[edit | edit source]
| Name | Address | City | Opened |
|---|---|---|---|
| Ecorse Office | 4320 West Jefferson Avenue | Ecorse, Michigan | 1960 |
| Lincoln Park Office | 1262 Dix Highway | Lincoln Park, Michigan | November 2004 |
| Southgate Office | 15261 Trenton Road | Southgate, Michigan | June 3, 2020 |
| Woodhaven Office | 18707 West Road | Woodhaven, Michigan | September 2003 |
Financial information[edit | edit source]
| Date | Assets | Members |
|---|---|---|
| 1943 | $3,400 | 130 |
| 12/31/1990 | $49,504,072 | 15,069 |
| 12/31/1991 | $51,830,409 | 15,421 |
| 12/31/1992 | $59,668,263 | 15,758 |
| 12/31/1993 | $62,205,227 | 15,864 |
| 12/31/1994 | $65,105,136 | 16,292 |
| 12/31/1995 | $65,886,247 | 16,683 |
| 12/31/1996 | $68,657,433 | 16,821 |
| 12/31/1997 | $71,685,318 | 16,786 |
| 12/31/1998 | $77,872,390 | 17,225 |
| 12/31/1999 | $82,257,144 | 17,386 |
| 12/31/2000 | $82,203,426 | 17,860 |
| 12/31/2001 | $90,051,246 | 17,901 |
| 12/31/2002 | $97,795,370 | 18,203 |
| 12/31/2003 | $108,861,878 | 18,595 |
| 12/31/2004 | $114,720,392 | 20,419 |
| 12/31/2005 | $111,339,116 | 20,917 |
| 12/31/2006 | $107,644,594 | 20,541 |
| 12/31/2007 | $112,578,316 | 20,839 |
| 12/31/2008 | $135,814,868 | 24,032 |
| 12/31/2009 | $147,563,838 | 23,733 |
| 12/31/2010 | $143,791,273 | 23,569 |
| 12/31/2011 | $140,458,536 | 20,918 |
| 12/31/2012 | $140,643,381 | 18,150 |
| 12/31/2013 | $141,843,186 | 16,555 |
| 12/31/2014 | $142,746,598 | 16,086 |
| 12/31/2015 | $146,281,835 | 15,043 |
| 12/31/2016 | $155,992,291 | 14,444 |
| 12/31/2017 | $154,585,425 | 14,104 |
| 12/31/2018 | $155,050,553 | 13,867 |
| 12/31/2019 | $160,928,450 | 13,627 |
| 12/31/2020 | $196,272,117 | 13,497 |
| 12/31/2021 | $210,598,518 | 13,436 |
References[edit | edit source]
- ↑ Locations and Hours, Downriver Community Federal Credit Union, downrivercu.com.
- ↑ 2.0 2.1 2.2 2.3 2.4 2.5 2.6 2.7 About Downriver Community Federal Credit Union, Downriver Community Federal Credit Union, downrivercu.com.
- ↑ "Michigan credit-union mergers", Crain's Detroit Business, September 12, 2005.
- ↑ Maloney, Colin. "Downriver Community Federal Credit Union to build its next location in Southgate", The News-Herald, January 30, 2019.
- ↑ Maloney, Colin. "Downriver Community Federal Credit Union breaks ground on new HQ in Southgate", The News-Herald, June 17, 2019.
- ↑ 6.0 6.1 6.2 Downriver Community Federal Credit Union Call Reports, 1990-present, ncua.gov.