Map of Michigan. (Source: Shutterstock)
Cornerstone Community Financial, a state-chartered credit union located in the far northwestern suburbs of Detroit, was granted permission to increase its field of membership to include the entire state of Michigan, as well as some counties in Ohio.
The Auburn Hills, Mich.-based Cornerstone Community Financial ($347.7 million in assets, 23,678 members) said in a statement Thursday it had received approval from the State of Michigan Department of Insurance and Financial services to open up its field of membership to every resident of the state, regardless of where they live or work. The approval also granted the FOM expansion to include four counties in Ohio including: Fulton, Henry, Ottawa and Sandusky.
The FOM expansion goes into effect immediately, according to the credit union.
CCF President/CEO Heidi Kassab said, "This expansion of our field-of-membership is an important and exciting step in CCF's efforts to bring the convenience, commitment and care of a community-minded credit union to as many consumers as possible."
Kassab continued, "Expanding our charter allows us to serve more members, including those coming to us for online services. It means we can reach more individuals and serve as a valuable community resource, no matter where they live."
According to the credit union, the FOM expansion is of particular interest in Ohio as the credit union currently serves Lucas and Wood counties. However, this expansion approval will allow CCF to expand its physical footprint with plans for a new branch location in the Toledo, Ohio area sometime in 2022.
This is the second major FOM expansion announcement for a credit union in the past week.
Last month, the Rolla, Mo.-based Riverways Federal Credit Union received approval to expand its FOM from its four-county footprint, to a large 27-county area that now covers a giant swath of Missouri.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
