A Michigan First History in Detroit

In 1926, Michigan First Credit Union was founded as Detroit Teachers Credit Union (DTCU) by nine teachers from a Sociology class at Detroit Teachers College, now Wayne State University. “In 1926, the lowest interest rate available was 18 per cent, and lending companies could legally charge up to 42 per cent,” said Mary Holland, first President of the organization, in a 1956 interview with the Detroit Free Press. “Banks carried no small loan departments then. The highest salary paid a teacher that year was $2,600.” Following a survey of fellow teachers, the Credit Union was formed to better serve teachers and school employees in the city of Detroit.

Business was conducted out of Professor E.W. McFarland’s office until the Credit Union grew so rapidly it required more space, at which point the dining room table of J.C. Howell’s Detroit home became the new offices of DTCU. There were no office hours, and business was conducted whenever members showed up.

The Credit Union, by 1956, had taken over every room of J.C. Howell’s home — all 22 of them. In 1957, the first offices were officially opened on Puritan Ave. During the dedication, Clarence B. Hilberry, then president of Wayne State University and the fourth in the institution's history, stated:

“I doubt whether any other institution has had a greater personal effect upon the educational system of Detroit.”

Since that first branch, the Credit Union charter expanded to include anyone who lives, works, or worships in the state of Michigan. Michigan First now serves more than 185,000 members, operates 29 branches, and continues to be proud supporters of teachers and students at all levels through financial literacy programs and scholarships.