Michigan Credit Union League President/CEO David Adams: 'Comerica May Be Leaving, But Credit Unions Are Here to Stay. That's the
Michigan Credit Union League President/CEO David Adams: 'Comerica May Be Leaving, But Credit Unions Are Here to Stay. That's the Credit Union Difference.'
Comments follow Comerica's announcement that it plans to move its Headquarters to Dallas, TX
NORTHVILLE TOWNSHIP, Mich., March 6 (www.allCUnews.com) -- Comerica, Michigan's oldest and largest bank, announced today that it is moving its headquarters to Dallas, TX. The $58 billion financial institution has cited the need to diversify its customer base and extend reach into high-growth areas and a limited local talent pool as the reasons for its decision to relocate.
"This creates a stark contrast between big banks and not-for-profit credit unions," said Michigan Credit Union League President and Chief Executive Officer David Adams. "The state of Michigan is struggling right now, and for Michigan's oldest bank and a stalwart supporter of Metro-Detroit communities for many decades to relocate for the purpose of growing profits is a real psychological blow to the state."
Added Adams, "Michigan credit unions are headquartered here in Michigan and don't relocate outside the state to grow their profits. What's more, Michigan credit unions are locally-owned and locally-staffed. They put people -- our state's consumers -- before their bottom line. That's the credit union difference."
For 21 years running, credit unions have ranked higher than banks in "customer satisfaction," according to the most recent American Banker/Gallop Consumer Survey. There are 377 credit unions in Michigan that collectively serve more than 4.4 million members.
Michigan credit unions are coming up with innovative ways to help the people of Michigan weather this tough economic climate. Late last year, more than 35 credit unions committed $40 million to the Career Transition Program, a program that provides below-market unsecured educational loans to members who've lost their jobs and need job retraining.
In the 12 months preceding June 2006, Michigan credit unions collectively returned more than $326 million to their members in the form of better rates on loans and depository accounts and lower fees. Nationally, credit unions returned more than $8 billion in financial benefits in the form of better rates and lower fees to more than 85 million members in that same timeframe.
"When the going gets tough, Michigan credit unions don't retreat to more profitable markets. They are all locally-owned, employing Michiganians and helping to move Michigan forward -- especially in tough economic times. As banks get bigger and more profit-driven, credit unions continue to thrive as consumers and small businesses look for a 'local' partner. This latest Comerica announcement will simply fuel that trend," said Adams.
Organized in 1934, the Michigan Credit Union League (MCUL) is a statewide trade association representing Michigan credit unions. Based in Northville Township with a satellite office in Lansing, the MCUL offers credit unions assistance in the areas of regulatory compliance, legislative advocacy, media advocacy and operational information. Visit the MCUL's Web site at http://www.mcul.org.
SOURCE Michigan Credit Union League