FHLBank Indianapolis adds Michigan member

last updated on Thursday, March 16, 2023 in Business News

FHLBank Indianapolis membership is growing in Michigan.

In February, Compass Credit Union of Sparta, Mich., purchased initial stock to become a Bank member, per the FHLBank Indianapolis Capital Plan.

Compass Credit Union in Sparta, Mich.

Chartered in 1956 by employees of Muskegon Piston Ring, Compass serves a diverse membership base in 13 counties in West Michigan.

“Similar to the Federal Home Loan Bank of Indianapolis, Compass Credit Union is a locally-owned community financial institution serving a diverse membership base,” said Nicholas Groenleer, Michigan Account Manager for FHLBank Indianapolis. “The addition of Compass Credit Union as a member owner of the Bank will further serve to strengthen our membership as we partner to provide a reliable source of liquidity and facilitate community development.”

Reliable funding and strengthening community lending were driving factors in securing membership, according to Compass leadership.

“Our credit union is committed to remaining a strong, stable and reliable mortgage lender to the communities that we serve. To protect this commitment, it was important to secure a long-term liquidity option to serve that mission,” Compass CEO Erika Bauer said.

Compass Credit Union had more than $89 million total assets at the end of 2021, and two locations, as of June 30, 2022. The second branch is in Fremont, Mich.

The addition of Compass brings to 346 the total number of member financial institutions at FHLBank Indianapolis, and it is the first new member in 2023. In 2022, the Bank added five members.

Members list: Click here to view (as of Dec. 31, 2022).

Compiled by Scott Thien, Sr. Internal Communications Lead. Contact the FHLBank Indianapolis Corporate Communications department at corpcomm@fhlbi.com.