# FIRST UNITED
Grandville, MI · NCUA charter 68640 · asset band $50-100M · latest filing 2023-06 · stopped filing after 2023-06 (departed; for a credit union that is almost always a merger)
Share link (named URL with a preview card): https://getbookiq.com/cu/first-united-68640

Who the members are: state charter, organized 1937, low-income designated. 4,971 members of 10,034,113 potential (0.1% of the field); checking penetration 38% (share draft accounts per 100 members); loans per 100 members 80.

**Verdict on the desk:** this could be *auto monoline*. Composite score 4 of 18 (one point per flag across 17 flags, capital below 7% counted twice).

## What the filing shows

| Measure | Value |
|---|---|
| Total assets | $66.9M |
| Members | 4,971 (1.4% YoY) |
| Full-time staff | 15 |
| Net worth | $7.4M |
| Net worth ratio | 11.1% (p49 of band) |
| ROA (annualized) | 1.47% (p85 of band) |
| Total delinquency | 1.43% (p90 of band) |
| Net charge-offs (annualized) | 0.40% (p73 of band) |
| Loans / shares | 103% (p98 of band) |
| Cash / assets | 11.5% |
| Borrowings / assets | 3.74% |
| Net interest margin | 3.67% (p76 of band) |
| Operating expense / assets | 3.90% (p74 of band) |
| Vehicles % of loans | 61% (p76 of band) |
| Indirect vehicle % of vehicle (all-channel basis before 2022) | 41% |
| Third-party paper % of net worth | 193% (p87 of band) |
| Vehicle delinquency | 0.58% (p61 of band) |
| Vehicle NCO | 0.96% (p90 of band) |
| Repossessed % of vehicle book | 0.00% (p40 of band) |
| Real estate % of loans | 33% |
| Credit cards % of loans | 4% |
| Unsecured % of loans | 5% |
| Commercial % of net worth | 7% |
| Core shares % of member funds | 31% |
| Certificates % of member funds | 39% |
| Average share balance | $5,806 |
| Participations bought / yr | $0 |
| Participations sold / yr | $0 |
| Participations outstanding | – |
| Loans outstanding per 100 members | 80% |
| Loans granted per 100 members, annualized | 26% |
| Average loan balance | $14,475 |
| Loans granted, annualized | $33.3M |

## Flags firing in the latest filing

- **delinquency 2x band** (`aq_dq_high`)
- **loans>95% of shares** (`str_ltos`)
- **3rd-party paper>100% NW** (`str_thirdparty`)
- **auto monoline** (`str_vehicle`)

## Warning timeline

| Quarter | Score | Flags that first fired | Flags that cleared |
|---|---|---|---|
| 2016-03 | 1 | 3rd-party paper>100% NW |  |
| 2016-06 | 2 | expense trap |  |
| 2016-09 | 2 |  |  |
| 2016-12 | 2 | loans>95% of shares | expense trap |
| 2017-03 | 6 | net worth falling, expense trap, leaning on borrowings, auto monoline |  |
| 2017-06 | 7 | thin capital, delinquency 2x band, delinquency rising | loans>95% of shares, expense trap |
| 2017-09 | 5 | loans>95% of shares | net worth falling, thin capital, delinquency rising |
| 2017-12 | 2 |  | leaning on borrowings, auto monoline, loans>95% of shares |
| 2018-03 | 5 | margin squeeze, delinquency rising, members leaving |  |
| 2018-06 | 4 | assets shrinking | margin squeeze, delinquency rising |
| 2018-09 | 2 |  | delinquency 2x band, assets shrinking |
| 2018-12 | 3 | delinquency 2x band |  |
| 2019-03 | 2 |  | delinquency 2x band |
| 2019-06 | 2 |  |  |
| 2019-09 | 4 | delinquency 2x band, loans>95% of shares |  |
| 2019-12 | 3 |  | loans>95% of shares |
| 2020-03 | 4 | net worth falling, charge-offs p90, leaning on borrowings | members leaving, delinquency 2x band |
| 2020-06 | 6 | margin squeeze, delinquency 2x band, delinquency rising | charge-offs p90 |
| 2020-09 | 2 |  | net worth falling, margin squeeze, delinquency 2x band, delinquency rising |
| 2020-12 | 2 |  |  |
| 2021-03 | 2 | expense trap | leaning on borrowings |
| 2021-06 | 3 | auto monoline |  |
| 2021-09 | 3 | delinquency rising | expense trap |
| 2021-12 | 4 | net worth falling, margin squeeze | delinquency rising |
| 2022-03 | 4 | loans>95% of shares | margin squeeze |
| 2022-06 | 5 | delinquency 2x band, delinquency rising | loans>95% of shares |
| 2022-09 | 5 | loans>95% of shares | net worth falling |
| 2022-12 | 4 |  | loans>95% of shares |
| 2023-03 | 5 | net worth falling |  |
| 2023-06 | 4 | loans>95% of shares | delinquency rising, net worth falling |

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

- 2026-07-10 [2026 Back to School Rally Supply Drive is Under Way - wimsradio.com](https://news.google.com/rss/articles/CBMijgFBVV95cUxOUW93bXdLa2ZDYnlhUEVZZjI0VVc5U1JvMWVueExUd2EzNUxBNEl4RFF5SmdyeE41OE5tZWUtNFE4aWNfZWlCYXlMcTVmM2NVLXR3TVNUaFVJRWE0RFZKMXRfSVpOUGc5dnhrb0MxaS1Pb09vT2cwTDNOUGhZckxjTlVUSkI2Tm5zVXRMYUF3?oc=5) · wimsradio.com
- 2019-02-03 [Caleb Cooper Obituary Feb 3, 2019 - W. L. Case and Company Funeral Directors - W. L. Case & Company Funeral Directors](https://news.google.com/rss/articles/CBMiZkFVX3lxTE44XzJWV3V6YXB1UFdKd0ZKU2E0d0p3bHpnT0NaRjltN3VzLWd4cDdVU3BadjBpYlJack1ydThZYWVVZFo3bXQ5aXVQQzk1cDE1T0hOc3BsOXNxOXJtNnc3TGNKRTVaUQ?oc=5) · W. L. Case & Company Funeral Directors
- 2025-09-21 [First United Methodist to Host Annual Fall Festival on October 19 - GreatNews.Life](https://news.google.com/rss/articles/CBMingFBVV95cUxQZVhVcHI4LURYNHE5VHJpVnR5ZW5QZFktRERZWThsR1JXcU53cEpzMERJdVdHSENUYVlTeHhkX2hIYXF2TUkxbDFGbW80TW4yc0ZybDkxeWlhUTRqNkdsNGphY283aDVFMi1oYnFYTVJFQXotM3FBUkFQRFFORVlwN0plZm5zYUIzUlpvMkhmTWRrUVNMd2t0UDRIWGN0QQ?oc=5) · GreatNews.Life
- 2019-01-16 [Michigan credit unions, agencies step up to aid federal workers - Detroit Free Press](https://news.google.com/rss/articles/CBMitgFBVV95cUxNY0NQeHFQLXp4VTd3V1VEZWdiRXgyRmF1OGJQUTM5N21MYXM3TnBWdkc3djJ0V2l0QjZaSnU2a2FacUUwYlBxN1hfa1R2czUwaFdwRWJzSjRBUGhfREJ6bUlpcDV5d2NRYzRnenFUU3ZRelNOcThRS0FzRm95LXdrNW56cXVtOWNfZlkwZkdoZXM3UEJieWZzaTNTZlZ5UDJadS1la0VTRzdmeHlPMUpLNFY1TEtGUQ?oc=5) · Detroit Free Press
- 2020-01-12 [William G Rock - Pollock-Randall Funeral Home - Port Huron, MI](https://news.google.com/rss/articles/CBMiVkFVX3lxTFBHYTNZR0ctdW5pd0V2d2FCdnZKTnd3ZUg0Z2xyT0d2UktEajNkbHdhTnZDSFp6eXBudEU3WFd2cDNLTkVHWHBPZnlmRUVqYmc4VDNKX0VB?oc=5) · Pollock-Randall Funeral Home - Port Huron, MI
- 2021-10-07 [Jon Kessel Obituary (2005) - Grand Rapids, MI - MLive.com](https://news.google.com/rss/articles/CBMijwFBVV95cUxPY2QwbE5xNkZwQUNUZkNGdk9lbHY5N3RQU2daUFduWDViQ3FkcDBRMmRRdWNvTDNtY192cHBveTVZUDJXdktTSFhVV3hqQ2hpY185UGd0N2pBdlladjl3cFFzd2hRbF9VdjgzSS1zTlZBc2taZ2NxQi1KWno2RHZvLVNGOTV2cldaekhCYXpQMA?oc=5) · MLive.com
- 2015-11-13 [Public Record - Crain's Grand Rapids](https://news.google.com/rss/articles/CBMibkFVX3lxTFB6X21IVURZYlZMemwzY0NuRWJla2c2OTNfTHVxaW1xcWVJMlBjb1pTX0xFM1ZVVTNKWnctRS1xeGhBSE9oN3NReXNVMWVzcjdMSmJKY2FRX3NvSlZfakYxUjNBU1pOcEJiMjRBV3JB?oc=5) · Crain's Grand Rapids
- 2026-03-30 [Thomas Edward Thoresen - Obituary - Sault Ste. Marie - sooleader.com](https://news.google.com/rss/articles/CBMicEFVX3lxTE1jR0R3WWlhSjI1bWNITm9DbGRkY1lWeGNfNjl1MUxKemYtMTc2QjNkLVdFZDY1ekppLWY4YU1MRzlaZjZsNWlrWGdZNFFHRmhDMklITDR5NmtvMVItcWZvN2E4dVhYTVYxX2xGMElBVkg?oc=5) · sooleader.com

## How to verify

- Page: https://getbookiq.com/cu-intel/#cu=68640 (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/32.json (key "68640", 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=68640
- 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