Question 1

What is Awakon Federal Credit Union?

Accepted Answer

Awakon Federal Credit Union is a community-focused federal credit union headquartered in Onaway, Michigan. Established as a not-for-profit financial cooperative, Awakon serves rural communities across northern Michigan with approximately $197 million in assets and over 14,700 members as of 2025.

The credit union operates on the democratic principles of the cooperative movement, providing accessible, low-cost financial services to its members. Awakon holds a well-capitalized status with the NCUA, maintaining a strong net worth ratio of 12.78% and demonstrating consistent growth across assets, loans, and deposits.

Question 2

When was Awakon Federal Credit Union founded?

Accepted Answer

Awakon Federal Credit Union was founded in 1951. Originally established to serve rural communities in northern Michigan, the credit union was built on the premise that access to affordable financial services is critical to the health and stability of ordinary citizens.

Over more than seven decades, Awakon has evolved from its modest beginnings to become a significant financial institution serving multiple communities across the region. The credit union has remained committed to its founding mission of providing member-focused financial services while adapting to modern banking needs.

Question 3

Where is Awakon Federal Credit Union headquartered?

Accepted Answer

Awakon Federal Credit Union is headquartered in Onaway, Michigan. The main office is located at 20855 Washington Ave, P.O. Box 420, Onaway, MI 49765.

Question 4

Where does Awakon Federal Credit Union operate?

Accepted Answer

Awakon Federal Credit Union operates six branch locations throughout northern Michigan, serving rural communities across the region. Branch locations include:
• Onaway (Main Office) - 20855 Washington Ave
• Rogers City - 279 Bradley Hwy
• Indian River - 6272 M-68 Hwy
• Wolverine - 12842 S. Straits Hwy
• Gaylord - 1496 W Main St
• Petoskey (Meijer Branch) - 1201 Lears Rd

The credit union holds a community charter with a rural district membership type, serving approximately 185,616 potential members across its service area. Members also have access to thousands of shared branching locations through the CO-OP Network and Xtend Shared Branching, providing nationwide convenience.

Question 5

What services does Awakon Federal Credit Union offer?

Accepted Answer

Awakon Federal Credit Union offers a comprehensive range of financial products and services for both consumers and businesses:

Deposit Accounts: Share accounts (savings), checking accounts, certificates of deposit, and individual retirement accounts (IRAs).

Lending Services: Consumer loans, mortgage loans, auto loans, business loans, commercial loans, construction loans, and farm loans. The credit union maintains a healthy loan-to-share ratio of 80.39%, with over $136 million in total loans outstanding.

Digital Banking: It's Me 247 Online Banking platform, mobile banking app with mobile check deposit, CU*Talk telephone banking, and online loan applications. The mobile app provides convenient access to account management, mobile deposits, and branch information.

Additional Services: ScoreCard rewards program, identity protection services, check ordering, access to surcharge-free ATMs, and partnerships with Midwest Loan Services and Sallie Mae for student loan options.

Question 6

What makes Awakon Federal Credit Union unique?

Accepted Answer

Awakon Federal Credit Union distinguishes itself through its deep commitment to serving rural communities in northern Michigan. The credit union maintains a low-income designation, reflecting its focus on providing financial services to underserved populations in rural areas.

With over 74 years of service to the community, Awakon has demonstrated consistent financial performance and stability. The credit union maintains an A+ rating with the Better Business Bureau and strong financial metrics, including a return on average assets of 1.96%.

The credit union's mission statement—"Building Financial Trust and Stability, One Member at a Time"—reflects its personalized approach to member service. Awakon operates with 47 full-time and 2 part-time employees, allowing for more intimate relationships with members compared to larger institutions.

As a member of the Michigan Credit Union League and regulated by the NCUA, Awakon provides federally insured deposits through the National Credit Union Share Insurance Fund (NCUSIF), ensuring member deposits are protected up to $250,000.

Question 7

What type of financial institution is Awakon Federal Credit Union?

Accepted Answer

Awakon Federal Credit Union is a federal credit union, chartered and regulated by the National Credit Union Administration (NCUA), an independent agency of the U.S. Government. The credit union operates under charter number 7465.

As a federal credit union, Awakon is structured as a member-owned financial cooperative where each member has equal voting rights regardless of account balance. The credit union's community charter with rural district membership type means that eligibility is based on living, working, worshiping, or attending school within the defined service area in northern Michigan.

All deposits are federally insured by the NCUSIF, and the credit union operates as a not-for-profit organization, returning earnings to members through competitive rates, lower fees, and enhanced services. Awakon is also an active member of the Michigan Credit Union League, which provides regulatory support, education, and advocacy for Michigan credit unions.

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About Awakon Federal Credit Union in the United States