LATHRUP VILLAGE, Mich. — Fortunate to have a very strong 14.13% capital position-and that's after the NCUA assessment-Michigan First CU remains confident that it will be able to meet its overall 2009 strategic goals.
"We have not had to cut back on any objectives, service to members, or number of employees," explained CEO Michael Poulos, who said that that the management team meets weekly to discuss ALCO issues. "These meetings now tend to be longer and there are more frequent in-between meetings and discussions."
The $520-million Michigan First is currently focused on its loan volume, which is significantly exceeding its 2009 plan, and Poulos expects that trend to continue with the savings retrenchment in the marketplace. While MFCU is sticking to its plans, it is ready to adjust if the NCUA comes knocking again. "We are mentally prepared for more negative news," Poulos said.
