# DOW
Midland, MI · NCUA charter 60137 · asset band $1-10B · latest filing 2026-03 · live
Share link (named URL with a preview card): https://getbookiq.com/cu/dow-60137

Who the members are: state charter, organized 1937. 83,834 members of 10,127,884 potential (0.8% of the field); checking penetration 63% (share draft accounts per 100 members); loans per 100 members 66.

**Verdict on the desk:** this could be *indirect buyer*. Composite score 2 of 18 (one point per flag across 17 flags, capital below 7% counted twice).

## What the filing shows

| Measure | Value |
|---|---|
| Total assets | $2.61B |
| Members | 83,834 (1.1% YoY) |
| Full-time staff | 168 |
| Net worth | $256.0M |
| Net worth ratio | 9.8% (p29 of band) |
| ROA (annualized) | 0.22% (p11 of band) |
| Total delinquency | 0.27% (p12 of band) |
| Net charge-offs (annualized) | 0.55% (p55 of band) |
| Loans / shares | 52% (p4 of band) |
| Cash / assets | 4.7% |
| Borrowings / assets | 0.00% |
| Net interest margin | 1.98% (p2 of band) |
| Operating expense / assets | 1.53% (p3 of band) |
| Vehicles % of loans | 36% (p70 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 79% |
| Third-party paper % of net worth | 209% (p68 of band) |
| Vehicle delinquency | 0.41% (p29 of band) |
| Vehicle NCO | 0.92% (p47 of band) |
| Repossessed % of vehicle book | 0.04% (p36 of band) |
| Real estate % of loans | 47% |
| Credit cards % of loans | 3% |
| Unsecured % of loans | 6% |
| Commercial % of net worth | 1% |
| Core shares % of member funds | 26% |
| Certificates % of member funds | 37% |
| Average share balance | $11,344 |
| Participations bought / yr | $56.4M |
| Participations sold / yr | $0 |
| Participations outstanding | $188.4M |
| Loans outstanding per 100 members | 66% |
| Loans granted per 100 members, annualized | 13% |
| Average loan balance | $22,054 |
| Loans granted, annualized | $339.6M |

## Participation posture (from the same filings)

Bought $56.4M and sold $0 in the latest annualized quarter; $188.4M outstanding purchased (73.6% of net worth), $0 sold and retained. Sold in 0 and bought in 8 of the last 8 quarters. Shares 5.4% year over year.

## Flags firing in the latest filing

- **net worth falling** (`cap_falling`)
- **3rd-party paper>100% NW** (`str_thirdparty`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2016-03 | 0 |  |  |
| 2016-06 | 0 |  |  |
| 2016-09 | 0 |  |  |
| 2016-12 | 0 |  |  |
| 2017-03 | 1 | net worth falling |  |
| 2017-06 | 0 |  | net worth falling |
| 2017-09 | 0 |  |  |
| 2017-12 | 0 |  |  |
| 2018-03 | 1 | net worth falling |  |
| 2018-06 | 0 |  | net worth falling |
| 2018-09 | 0 |  |  |
| 2018-12 | 1 | delinquency rising |  |
| 2019-03 | 0 |  | delinquency rising |
| 2019-06 | 0 |  |  |
| 2019-09 | 1 | 3rd-party paper>100% NW |  |
| 2019-12 | 1 |  |  |
| 2020-03 | 3 | net worth falling, losing money |  |
| 2020-06 | 2 |  | losing money |
| 2020-09 | 1 |  | net worth falling |
| 2020-12 | 1 |  |  |
| 2021-03 | 2 | net worth falling |  |
| 2021-06 | 1 |  | net worth falling |
| 2021-09 | 2 | margin squeeze |  |
| 2021-12 | 1 |  | margin squeeze |
| 2022-03 | 2 | delinquency rising |  |
| 2022-06 | 2 | losing money | delinquency rising |
| 2022-09 | 1 |  | losing money |
| 2022-12 | 1 |  |  |
| 2023-03 | 2 | assets shrinking |  |
| 2023-06 | 1 |  | assets shrinking |
| 2023-09 | 2 | delinquency rising |  |
| 2023-12 | 3 | net worth falling |  |
| 2024-03 | 2 |  | delinquency rising |
| 2024-06 | 3 | delinquency rising |  |
| 2024-09 | 1 |  | net worth falling, delinquency rising |
| 2024-12 | 1 |  |  |
| 2025-03 | 2 | net worth falling |  |
| 2025-06 | 1 |  | net worth falling |
| 2025-09 | 1 |  |  |
| 2025-12 | 1 |  |  |
| 2026-03 | 2 | net worth falling |  |

## In the news (Google News, unfiltered, newest first; check the city)

- 2026-07-21 [New tools for Dow Credit Union members - WNEM](https://news.google.com/rss/articles/CBMifkFVX3lxTE5OdUJFUGVQUGhiMkZjcExWRnR3OEswY1BuMkw4WXJLSGFVNEM5c0xkNFhKYkE0c2Jqbi15eGxtODFSNnVxV1JiSzd3QV9zaDhWNTRTbEhRenFWOERuR1BYbXJESDFpM1REclVlU1BzOXo5WEdySk1tQVh6ZGo1dw?oc=5) · WNEM
- 2026-07-15 [Dow Credit Union launches partnership with Greenlight to help families teach kids about money - MLive.com](https://news.google.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?oc=5) · MLive.com
- 2026-02-27 [40 UNDER 40: Alison Lutren of Dow Credit Union - Midland Daily News](https://news.google.com/rss/articles/CBMiiwFBVV95cUxPWTNsOWJhb25STWNBSGtGeTIwbFpYWkk2SW1vbUFEelRTS2pLbHQ1WFJMelk0c3YzalVvMHh0ZlhEaXZjSmx2bUFpTEFSZjJQaG1VRUJWdkRhVDVBaEluV1ctTDlLZ3pBbU8tdktJY2UtOWZocThtSUZQc0M0VlJJNmVEZHhEVHdaNWl3?oc=5) · Midland Daily News
- 2026-08-18 [The best 3-month CD rates for August 2026: Up to 5.00% APY - CNBC](https://news.google.com/rss/articles/CBMiWEFVX3lxTE5mNWZnaFBDSThoaXhIbXd0aU84OUh1bkN6YTFiU3ZOSzZILWxPMEdRNEY1cmlQWDlkU1d2RTdiMllFd09iR2dxajZ1VW9hSDlNcThMamV5QljSAV5BVV95cUxPR1FXb0lLQXg1UlBPWGNPYW5YOFQ4aTJlZkRWUlhuNENhMkJEQ3lVNUJXR2xNOENOOU1xRGU3MzZYVnh0LXY5UFFOaUs3UXdUQmhHSzJpNWlzaHhDY0t3?oc=5) · CNBC
- 2026-01-06 [Dow Credit Union's Member Giveback Program - WNEM](https://news.google.com/rss/articles/CBMihwFBVV95cUxNRmxONWNyUmMxRG9mSWpjRDdQdEo5ZVVob0FVUExWQUtTOTV5RUI0YkxDdzFIU1NXd1Y3VGJ6UV9Mb0tERGZ0T182TlRKakN0dk1xRjdaUUNlbjcySEZmbFVVRTJTQnFTcEZkNUhOQ2RpMVJ3SWp4eldZbUtXSXA3Vk5WUGlpVmc?oc=5) · WNEM
- 2025-01-02 [Dow Credit Union distributes $18.5 million to members as part of annual Giveback Program - CUInsight](https://news.google.com/rss/articles/CBMixwFBVV95cUxPdWN6d3RQOWRKNld3bzdWVm52eGtmUjNLTjhLMkhBLXRuX1ZIUHNWRjZpWUJpTDY2NVBVdVEzUkRYU2lWUkJnWEpxQUx4ZXphcFd2MENJVkw2V3UzY0VBa3NpcXRtc2ZQaFdRTHBwY1hrTGJRazlBQjQ2TThGczFMLXI1SnpxZWg2MVlvaUNQaDdGSDFpOHlrZDBraWNiMGF2VmRwdUgzZ1lEXzloWE9SYmFPV1VFUDRWR0I0Y29jaU9NaVpSX2Z3?oc=5) · CUInsight
- 2026-06-07 [Rock the Block party kicks off Dow Championship week in Midland - Midland Daily News](https://news.google.com/rss/articles/CBMijgFBVV95cUxPZTgzTjF4XzF2cXVhYk9wcHlya2hKODlHSWxQVG9JeTdfRFJTejVraWRfWUl5TzRTRkdhWTI5SHl4TENtdlVUZVhwei05WmVrUF9Ub2UwTzJzMkVSMVBLa2J2aVRPRlpWblFSMU1LelJZQVBCQlRVN09MREVacXdDdlVJV3kzS200bjBiMnBR?oc=5) · Midland Daily News
- 2026-07-13 [This Saginaw event brought financial resources to 400 transit riders last year, and it’s happening again - MLive.com](https://news.google.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?oc=5) · MLive.com

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=60137 (every cell opens its formula and NCUA account codes; the News tab is the same search)
- Latest row, JSON: https://getbookiq.com/cu-intel/data/summary.json · history: https://getbookiq.com/cu-intel/data/h/41.json (key "60137", columns cycle, assets, loans, shares, networth, nwr, roa, total_dq_pct, total_nco_pct, vehicle, veh_pct_loans, indirect, ind_pct_veh, ind_veh, ind_re, ind_comm, ind_other, ind_pct_loans, loans_n, granted_n_ytd, granted_ann, loan_pen, granted_pen, avg_loan_bal, loans_per_fte, veh_part, tp_pct_nw, veh_dq_pct, veh_nco_pct, repo_pct_veh, members_yoy, ltos, cash_pct, borrow_pct, nim_pct, opex_pct, risk_score, members, fte, cash_total, invest_sec, allowance_eff, int_income_ytd, int_exp_ytd, provision_eff_ytd, nonint_income_ytd, nonint_exp_ytd, net_income_ytd, n_flags, re_pct_loans, cc_pct_loans, comm_pct_loans, cert_pct_shares, core_pct_shares, part_buy_ann, part_sell_ann, pot_members, sh_draft_n, chk_pen, fom_pen, flags)
- Participation history: https://getbookiq.com/participation-desk/#cu=60137
- Field definitions: https://getbookiq.com/dictionary/#cu-ltos and the rest of the credit union dictionary
- Source: NCUA 5300 call report bulk files. Income fields are annualized by cycle month (Mar x4, Jun x2, Sep x4/3, Dec x1). Percentiles are within the asset band in the same quarter.

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Rendered 2026-09-10 from the desks' own data files. Full guide: https://getbookiq.com/guide