# CASE
Lansing, MI · NCUA charter 61908 · asset band $200-500M · latest filing 2026-03 · live
Share link (named URL with a preview card): https://getbookiq.com/cu/case-61908

Who the members are: state charter, organized 1936, low-income designated. 26,822 members of 9,775,723 potential (0.3% of the field); checking penetration 62% (share draft accounts per 100 members); loans per 100 members 78.

**Verdict on the desk:** this could be *indirect buyer*. Composite score 3 of 18 (one point per flag across 17 flags, capital below 7% counted twice).

## What the filing shows

| Measure | Value |
|---|---|
| Total assets | $405.2M |
| Members | 26,822 (-6.5% YoY) |
| Full-time staff | 88 |
| Net worth | $43.7M |
| Net worth ratio | 10.8% (p43 of band) |
| ROA (annualized) | 0.36% (p25 of band) |
| Total delinquency | 0.60% (p50 of band) |
| Net charge-offs (annualized) | 0.70% (p77 of band) |
| Loans / shares | 87% (p82 of band) |
| Cash / assets | 6.8% |
| Borrowings / assets | 4.69% |
| Net interest margin | 4.31% (p88 of band) |
| Operating expense / assets | 4.76% (p90 of band) |
| Vehicles % of loans | 24% (p29 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 66% |
| Third-party paper % of net worth | 132% (p67 of band) |
| Vehicle delinquency | 1.53% (p88 of band) |
| Vehicle NCO | 2.12% (p92 of band) |
| Repossessed % of vehicle book | 0.08% (p67 of band) |
| Real estate % of loans | 30% |
| Credit cards % of loans | 6% |
| Unsecured % of loans | 8% |
| Commercial % of net worth | 228% |
| Core shares % of member funds | 50% |
| Certificates % of member funds | 18% |
| Average share balance | $5,912 |
| Participations bought / yr | $0 |
| Participations sold / yr | $6.1M |
| Participations outstanding | $2.6M |
| Loans outstanding per 100 members | 78% |
| Loans granted per 100 members, annualized | 10% |
| Average loan balance | $14,208 |
| Loans granted, annualized | $64.9M |

## Participation posture (from the same filings)

Bought $0 and sold $6.1M in the latest annualized quarter; $2.6M outstanding purchased (5.9% of net worth), $6.3M sold and retained. Sold in 5 and bought in 3 of the last 8 quarters. Shares 2.3% year over year.

## Flags firing in the latest filing

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

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2016-03 | 4 | delinquency 2x band, charge-offs p90, leaning on borrowings, 3rd-party paper>100% NW |  |
| 2016-06 | 4 |  |  |
| 2016-09 | 3 |  | leaning on borrowings |
| 2016-12 | 3 |  |  |
| 2017-03 | 5 | thin capital, net worth falling, expense trap | delinquency 2x band |
| 2017-06 | 3 | delinquency 2x band | thin capital, net worth falling, expense trap |
| 2017-09 | 4 | expense trap |  |
| 2017-12 | 4 | losing money | expense trap |
| 2018-03 | 4 | thin capital, net worth falling | delinquency 2x band, losing money |
| 2018-06 | 4 | delinquency 2x band, leaning on borrowings | thin capital, net worth falling |
| 2018-09 | 4 |  |  |
| 2018-12 | 4 |  |  |
| 2019-03 | 5 | thin capital, net worth falling, expense trap | delinquency 2x band, leaning on borrowings |
| 2019-06 | 3 |  | net worth falling, expense trap |
| 2019-09 | 3 | leaning on borrowings | thin capital |
| 2019-12 | 4 | repo signal, loans>95% of shares | leaning on borrowings |
| 2020-03 | 1 |  | charge-offs p90, repo signal, loans>95% of shares |
| 2020-06 | 3 | thin capital, net worth falling |  |
| 2020-09 | 4 | margin squeeze |  |
| 2020-12 | 1 |  | thin capital, net worth falling, margin squeeze |
| 2021-03 | 2 | margin squeeze |  |
| 2021-06 | 1 |  | margin squeeze |
| 2021-09 | 3 | delinquency 2x band, delinquency rising |  |
| 2021-12 | 3 |  |  |
| 2022-03 | 3 | expense trap | delinquency rising |
| 2022-06 | 3 | delinquency rising | delinquency 2x band |
| 2022-09 | 3 | leaning on borrowings | delinquency rising |
| 2022-12 | 7 | net worth falling, losing money, delinquency 2x band, loans>95% of shares |  |
| 2023-03 | 5 |  | delinquency 2x band, loans>95% of shares |
| 2023-06 | 3 |  | expense trap, net worth falling |
| 2023-09 | 3 | members leaving | losing money |
| 2023-12 | 3 |  |  |
| 2024-03 | 3 |  |  |
| 2024-06 | 4 | assets shrinking |  |
| 2024-09 | 4 |  |  |
| 2024-12 | 3 |  | assets shrinking |
| 2025-03 | 4 | net worth falling |  |
| 2025-06 | 4 | delinquency rising | net worth falling |
| 2025-09 | 2 |  | leaning on borrowings, delinquency rising |
| 2025-12 | 2 |  |  |
| 2026-03 | 3 | net worth falling |  |

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

- 2026-05-06 [CASE, Team One credit unions merging in Michigan next year - abc12.com](https://news.google.com/rss/articles/CBMi2wFBVV95cUxNQkczYzhyenRrYkNSZFhLWjZUSWNTYzhnalNGaGw2Q3FiNldxV2ltSXNXQ3F3Qk9lSHgwVWxxS3NpRkJjYlJVYnowWi1ZOHZRcnFfb3QxelY1SWZhdG42OU5RZFZTamZFdFNDd05xNkdfM2FCRGpYYVpmMzN6Uy1LbXZ3ZS1TMUpDdTlqdFp4YTM0UXNOWUprQUtWazlZSDBrS2pILUdvUEZpWERPbUhkZDRpcDRId1VwTHQwdEs1bUZ6bmE4MmtTN3RhZlRJUjJ1b2d4b2hEN3cxU1U?oc=5) · abc12.com
- 2026-05-05 [Team One Credit Union planning to merge - WNEM](https://news.google.com/rss/articles/CBMieEFVX3lxTFBnak5lMnFoNUstSWhuOWZwSXI1SkR3cUFnQVNMNWEtZlRzbjItNmwtY3RjN0VrQWdWbU5xZy1nOEVnWWY1c3Rxd3ZwTFhlbmstU3Q1emQ4cGM3NjZTV0xSY2hjY0hlV3VuRlBxZG1kVTY0NmxEakdSaw?oc=5) · WNEM
- 2026-05-07 [Kathy M. Hubbard Obituary May 5, 2026 - W. L. Case and Company Funeral Directors - W. L. Case & Company Funeral Directors](https://news.google.com/rss/articles/CBMiZ0FVX3lxTE96R2ZnWmE5VExvbl9oWnBpXy1oazV4Z0lwdkE0Tkg2b1l3SXdhMjJ3MWRiVDJzbHNoTVdpd2ZyUUFTNWluX2w4RTZZS0x4eGdDZE5oOWdXUF9nLU9PRUVhRDV6OXFYWUk?oc=5) · W. L. Case & Company Funeral Directors
- 2022-03-17 [CASE Credit Union announces executive promotions - CUInsight](https://news.google.com/rss/articles/CBMikwFBVV95cUxPVGNQUVFWUlpyeTd0U0dYTkFGSXJMRzYySnpuYWdQQ3N4allhbmU3MVJNeHV3aEdmS3JvU0FTMG1WNnM1YldUWENOX1JQNllmVXZyaG9pTGRIUng3T1JTaG5ibWQ4ekpqaFRrVW56WlhRVVdlbnJJQzBWNld5ZDdQOEFDVHkzMzNHbWFkelJhNTVtdjQ?oc=5) · CUInsight
- 2026-03-18 [Members First Credit Union hosts groundbreaking in Bay City - abc12.com](https://news.google.com/rss/articles/CBMi3gFBVV95cUxQSUIweG9mRWZQS1ZyMkU2U2FkUFpYZHY1SDBzWm1vUzVfNlcxQk5TLVlTMEducjhndi1USXB4OFJaZ2xYbGx6MHdlbFI1ejA4cWFvTDVyNGlPbFNkZjFjNWdGYnNDMTlZVzdxZjQ2MXNaWEZ1ZENiNjU0ZzB2ZnRyTy1MYjZXNmoyV001Y0RKUUhLdHZPM3RDbjJxZmZZQlJfeWFlbm4zaG5Kc0wxbEN1N3lUS0lUdXk4VEhRaXVQYUE2R2ZEOWxYLTVIMkN2OGpuQlNuVWtJd3VZNzVWSGc?oc=5) · abc12.com
- 2026-02-26 [Joyce Pearson Obituary - Mason, MI - Dignity Memorial](https://news.google.com/rss/articles/CBMif0FVX3lxTE84bVJUVFhDTDFVS3VLU1EzWGUzZ21oZm14UHhWWnQyVDdrLThGSHNtQ3pid2dFQjVtSVdEWElKQjRCOVROY1F5cjdqT0tLM0d1N1hnRXJJLUtod1BTOVlPc0o1VV9BVXV6WkFsQnFVNW5uZzZpZEV5REpiOTJfbFU?oc=5) · Dignity Memorial
- 2026-08-06 [Ionia politician Marilyn Harp pleads guilty as feds uncover cash hoard - The Detroit News](https://news.google.com/rss/articles/CBMizwFBVV95cUxQQUJXdmRlcFhkaEt6Mng5S3I0V0lpcHRIVm14SGhSdXZBTjdHaE0xVGx5blRsRHhaR19OUnU2Y1lSVEg1Ny1UVnBNNEpCQjlmelgzaVRvWWFWQ3QtdV9tTjNKcWFRTnZTV3BqQUNMRV9YMlhiMURiWDNaQm1KRGFVeHltaGxyM1BoWXlKWkJwRmJBc1NFeUxoN1pTc2Q3RG9iUXVpbnpmQ1N1alVzX2JqYk0tbGVUWHRkVjhaUWRGQkJlNF94YUtZVHRwQmcxRTA?oc=5) · The Detroit News
- 2026-07-14 [8 Credit Unions Anyone Can Join | Banking Advice | U.S. News - U.S. News & World Report](https://news.google.com/rss/articles/CBMieEFVX3lxTE9QSi0tMEVzUDIwQjRjRXV3QnlzdzRwYUlwQVNPU1VFWHBMMTBXYVlqY296amFwRDB1d0x5R2JvdmJXZmpyNTE3X0JmRFdsT3hUNnl4alRKMFpXM2pSNG5TbEh6ZUtvQWNvdTRtT0pnYUhmelhVYXlTYw?oc=5) · U.S. News & World Report

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=61908 (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/20.json (key "61908", 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=61908
- 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.

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