Dow Credit Union’s first branch in Saginaw County reported a cumulative $3.4 million in deposits after its grand opening week from September 25-29, dramatically outpacing already high expectations.
“Our grand opening festivities brought out so many different people,” Ryan Carter, a specialist with their community outreach team, said. “We got to hear from existing members thrilled to have a location closer to home, and people meeting us for the first time were excited to learn how easy it is to become a member.”
Offering the same products available at the credit union’s Midland headquarters, the team at 5420 Gratiot Road began welcoming new members a month ago during the facility’s soft opening.
Chief Financial Officer Sanjay Ahluwalia believes many in the community identified the credit union as their best option to maximize earnings. As of September, the award-winning institution’s high-yield savings account carries annual percentage yields (APY) up to seven times the national savings average’s APY, according to NerdWallet. Furthermore, Dow Credit Union’s certificate of deposit (CD) rates ranked among the best in the nation, earning recent accolades from Business Insider, Investopedia, and The Wall Street Journal.
“As a credit union, we are member-owned, and as such we can return value directly to our members, rather than to Wall Street shareholders,” Ahluwalia said. “We have developed a loyal member base over many years that has in turn created a very efficient cost structure for us. This means we can provide our members with better rates than they would find elsewhere.”
In addition to favorable rates, branch manager Emily Migut believes the credit union’s Member Giveback program on eligible products was instrumental in recent successes. For decades, Dow Credit Union has marked the end of the fiscal year by returning a board-approved percentage of annual earnings to members through rebates and rewards. Though never guaranteed, the board has approved a giveback every year since 1980, awarding $14 million to members in 2022 alone.
The Great Lakes Bay Region-based credit union presently serves over 80,000 members and boasts assets of over $2.1 billion. Though originally established for Dow employees, membership in the institution is now accessible to everyone through different membership options.“
Just like any new home, we want to share our home with you,” CEO Michael Goad said. “We invite you to come in, see our new branch, and meet our team. Let us show you what Dow Credit Union can do for you and your family.”
