Credit union · NCUA insured
Settlers Federal Credit Union
Top CarrotA $37.3M credit union headquartered in Bruce Crossing, MI, with 3,965 members and 2 branches in Michigan. Best rates: CDs 3.55% and savings 0.75% APY.
Settlers Federal Credit Union Carrot Score
Carrot ScoreTop Carrot
Higher than 99% of U.S. banks and credit unions
#1 of 199 in MichiganHow the score works →
Deposits are federally insured by the NCUA up to $250,000 per depositor.
About Settlers Federal Credit Union
Settlers Federal Credit Union was established in 1932 by a small group of local farmers seeking financing to plant crops and feed livestock.
The institution transitioned from a state charter to a federal charter in 2007 and moved into a new main office building in 2008.
- Headquarters
- 14623 State Highway M28 E, Bruce Crossing, MI 49912-9296
- NCUA charter
- 24793
Membership
Who can join
This may be incomplete or out of date, so check with the credit union before you apply.
Where you live or work
- People who live, work, worship, or attend school in Ontonagon or Gogebic Counties, as well as businesses and other legal entities located there, are eligible for membership.
Branches
2 branches in Michigan
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Michigan
2 branches
Bruce Crossing area · 1
- Settlers Federal Credit UnionMain office14623 State Highway M28 E, Bruce Crossing, MI 49912Directions
Watersmeet area · 1
- Settlers Federal Credit Union5384 US Highway 45 N, Watersmeet, MI 49969Directions
Walk-in offices from the NCUA directory as of March 31, 2026. Directions open Google Maps. A nearby branch doesn’t mean you can join or open an account.
Financial details
Well capitalizedas reported to the NCUA
| Measure | This credit union | Peers’ middle | Strongest quarter |
|---|---|---|---|
| CapitalNet worth ratio | 19.67% | 14.31% | 19.38% or more |
| Troubled loans60+ days late | 0.79% | 0.70% | 0.18% or less |
| ProfitabilityReturn on assets | 2.29% | 0.65% | 1.19% or more |
| LendingLoans per $100 deposited | $66 | $59 | — |
- CapitalNet worth ratio19.67%Peers’ middle 14.31% · Top 25% 19.38%+
- Troubled loans60+ days late0.79%Peers’ middle 0.70% · Top 25% ≤0.18%
- ProfitabilityReturn on assets2.29%Peers’ middle 0.65% · Top 25% 1.19%+
- LendingLoans per $100 deposited$66Peers’ middle $59
Compared with the 2,478 credit unions with under $100 million in assets. The strongest quarter is what the best 25% of them reach: more capital and profit, fewer troubled loans. Lending has no better end.Troubled loans are loans 60 or more days late.
Regulators’ own ratings of Settlers Federal Credit Union are confidential. These figures are what it reports to the NCUA each quarter, set beside its peers; they aren’t a rating.