Breakwater Federal Credit Union is dedicated to positively impacting
those we serve by building lifelong relationships, one member at a time.
Welcome to our brand-new newsletter! We are excited to launch this new monthly newsletter as a way to better connect with our members and the communities we serve. We look forward to sharing stories about the people, events, and initiatives that make Breakwater Federal Credit Union a trusted partner in your financial journey.
As we share the very first edition of our newsletter, I want to take a moment to personally thank you for being a valued member of Breakwater Federal Credit Union. Your trust and continued support are the foundation of our strength and success.
We are a solid institution and that is a tribute to your participation, our loyal members.
We remain dedicated to serving our members and looking for creative ways to expand our products and services while improving member experiences for you and the next generation of Credit Union members.
For over 71 years Breakwater Federal Credit Union has strived to continue the Credit union model of people helping people. Thank you for your part in our continued success.
Thank you,
Paula J. Megowen
On April 16th, Breakwater held its 71st Annual Business Meeting & Dinner at Michigan Tech. Over a hundred members and guests joined us for an evening full of meaningful conversations, great food, and the opportunity to reflect on 2024’s achievements.
During the event, we proudly announced our 2025 scholarship recipients. Three $1,000 scholarships were awarded to high school seniors who are members of Breakwater FCU and plan to begin post-secondary education in the fall of 2025. Applicants were evaluated on the length of their membership, as well as the quality of their essays and reference letters. After reviewing several impressive submissions, we’re thrilled to award this year’s scholarships to the following students:
We are excited to support these outstanding students as they take the next step in their educational journeys. Thank you to everyone who applied, and for sharing your inspiring stories and dedication. We wish all applicants the best of luck in their future endeavors! Congratulations to the Class of 2025!
Each year during the Annual Meeting, Breakwater also makes a $2,500 donation to a local organization that makes meaningful contributions to the Houghton-Keweenaw-Baraga communities. This year’s recipient was the Copper Country Police & Fire Relief Fund—an organization that provides support to community members who are impacted by fires or other emergencies. We are honored to support a cause that is so essential to our community.
Members and guests in attendance at this year’s Annual Meeting received Keweenaw Co+Op Gift Cards, and primary account owners were eligible for cash drawings. The event concluded with the announcement of the 2025-2026 Board of Directors.
2025-2026 Board of Directors: Karl Benda, Cindy Cowell, Anders Hill, Mark Korkko, Renee Ozanich, Steve Patchin, and Craig Pellizarro
Breakwater would like to extend a thank you to its board members, members of the supervisory committee, and its talented management team and staff for all the work they do! Thank you to all members and guests who were able to join us for the 71st Annual Business Meeting & Dinner.
Our vision is to empower our members and community by providing valuable financial resources and exceptional service. In support of this vision, we are eager to provide financial literacy education and programming in the communities we serve.
Through events like Financial Reality Fairs or activities at the library, we hope to provide the next generation with the financial tools and knowledge necessary to support a lifetime of financial well-being. We also hope to provide parents and adults with the resources to educate their children and make financial decisions that support the well-being of their families.
In April 2024, Breakwater hosted its first ever Financial Reality Fair at Houghton High School, and this year, we held our second! The Financial Reality Fair is a Michigan Credit Union Foundation event designed to simulate one month of independent adult living. It teaches students how the financial decisions they make impact their financial well-being and demonstrates how the lifestyle choices they make affect their budget.
Students attending the event selected a career and were assigned a salary, credit score, credit card balance, and savings account. They then visited twelve different stations where they had to make decisions about everyday expenses like transportation, housing, clothing, or leisure spending. These real-life scenarios helped them better understand how financial choices like owning a car versus utilizing public transportation can impact their overall budget and well-being.
Additionally, students had the opportunity to spin the “Surprise Wheel.” The wheel offered both positive and not-so-positive outcomes — from receiving $150 for a birthday gift to an unexpected expense like a flat tire. This station reinforced the importance of saving for unplanned expenses and being prepared for life’s unexpected financial challenges. It was a great way to highlight how quickly things can change and the importance of budgeting for the unexpected.
The event was organized into two sessions, reaching both juniors and seniors who will soon be graduating and entering the “real world.” Breakwater donated several prizes and giveaways to help make the event more exciting and engaging for students. Prizes included gift cards for Gino’s, the Mine Shaft, and Keweenaw Co+Op. Students also had the opportunity to win Bluetooth speakers, smart LED dorm lighting, and more!
To celebrate National Financial Literacy and Credit Union Youth Month, Breakwater teamed up with Portage Lake District Library (PLDL) to provide engaging financial literacy programming for youth. The goal was to introduce children to basic financial concepts through fun, age-appropriate activities.
Each year, the Michigan Credit Union Foundation works with the Michigan Financial Wellness Network to provide books to libraries interested in hosting financial literacy youth events during Financial Literacy month. The book provided this year was “Save It” by Cinders McLeod. The story follows a young bunny named Honey, who is saving her allowance to buy a playhouse – a quiet space for her to escape her noisy siblings. Breakwater employees joined PLDL for story time on April 23 and 24 to read this book and guide children through supplemental learning activities after. The young readers who joined us had a great time learning about the importance of earning and saving money.
On April 26, Breakwater hosted Money Matters: Fun with Finance for Kids at PLDL. Through hands-on, activity-based learning, elementary and early middle school students learned about key financial concepts, like earning, saving, and spending money.
To kickoff the event, Member Services Representative, Abbey Hanke, read the short story “Trouble with Money” by Stan & Jan Berenstain and engaged the children in a conversation about money. After learning the basics about earning, saving, and spending money, the children had the opportunity to engage in different activities to earn play money.
Some stations focused on building money skills, such as counting coins and matching prices to everyday items, while others encouraged positive financial habits like designing chore charts and writing thank you cards for monetary gifts. Children also practiced completing simple household tasks, like folding towels, to simulate earning money through chores.
The children saved their earnings from each station in Breakwater cash envelopes, then had the opportunity to spend their play money on fun prizes at the event “store.” Upon visiting the store, some children learned they would need to save more money before they could purchase the items they wanted, reinforcing important lessons about patience, goal setting, and smart financial decision-making.
The event attracted families from across the community, bringing together children of all ages and experiences to explore the basics of earning, saving, and smart spending. Asako Nakamura, Program Coordinator at the Portage Lake District Library (PLDL), commented: “PLDL was proud to co-host this event with Breakwater, helping to offer fun, hands-on activities that introduced kids to money management skills. It was wonderful to see strong attendance and happy families, and we believe building financial literacy is essential for a thriving community.”
Parents praised the event as well, with one attendee noting, “It was fun to see such a range of ages engaged in varied Money Matters activities. (The prizes were great incentives.)” The enthusiasm from families highlighted the impact of making financial literacy both educational and fun.
In an effort to reach adult members, Breakwater hosted a Financial Literacy Month Bingo contest! Bingo cards were available online and at our branch and included squares with squares featuring financial tasks, like checking your credit report, creating an emergency fund plan, setting a financial goal, or making a budget. Several members took advantage of this fun opportunity to boost their money skills — with one member sharing, “Love the financial literacy bingo! Just another aspect of what we enjoy about ‘banking’ with Breakwater FCU.”
Members who completed a BINGO and returned their cards by the end of April were entered into a drawing to win a $50 Keweenaw Cash Certificate. Congratulations to our winners Cynthia Miller and Karlie Seid and a big thanks to everyone who participated and made financial wellness a priority this April!
Breakwater Federal Credit Union is dedicated to fostering financial literacy at every age. Through partnerships with community organizations like the Portage Lake District Library, hopes to inspire lifelong money management skills and strengthen the financial well-being of the community it serves. Organizations interested in collaborating with Breakwater on Financial Literacy events should reach out to Breakwater’s Marketing & Community Relations Coordinator, Kayleigh White: Kayleigh.white@breakwaterfcu.org
Interested in volunteering for future financial literacy events? Join our volunteer network!
Sign Up Here!Breakwater takes great pride in the communities it serves. Through both financial contribution and hands-on volunteer efforts, we are committed to making a positive impact. Whether it’s supporting local organizations, participating in community events, or donating to causes that are important to our members, we believe in giving back and fostering a stronger, more connected community.
This April, we were able to sponsor and donate to the following organizations:
Each of these organizations provide value to our community, and we are proud to support their efforts.
We’d also like to thank our incredible Breakwater employees for going above and beyond to create a better future for our communities. So far this year, our team has volunteered over 67 hours to support local causes. During the month of April alone, our team contributed 32.5 hours to organizations like the Barbara Kettle Gundlach Shelter Home, 31 Backpacks, Little Brothers Friends of the Elderly, the Houghton Keweenaw Conservation District, and helped lead youth financial literacy events in our community.
Dreaming of buying a new home? At Breakwater Federal Credit Union, our knowledgeable lenders are ready to find a mortgage solution that’s right for you. Whether you’re buying your first home, refinancing, or upgrading to something bigger, our experienced lenders are ready to guide you through every step of the process.
At Breakwater Federal Credit Union, we believe in more than just loans — we believe in building lasting relationships with the people we serve. Get in touch today, and let’s make your dream home a reality!
Breakwater Federal Credit Union is an Equal Housing Lender. Loans subject to credit approval. Terms and conditions apply.
Looking to sell a vehicle? Breakwater members are invited to park it in our member vehicle lot to reach more local buyers. Members must sign a vehicle lot agreement prior to displaying their vehicle. Vehicles may be parked for a maximum of two weeks (14 days). All vehicles should have a complete description (including price, important vehicle details, and numbers) prominently displayed in the vehicle window. Stop by our branch or call or text Member Services at (906) 482-5005 if you would like to claim a spot in the lot.
At Breakwater Federal Credit Union, we believe financial education should start early — and that’s why we offer youth accounts designed to help kids and teens learn the value of saving, spending, and budgeting.
Whether they’re earning their first allowance or learning how to manage a paycheck from their first part-time job, our youth accounts provide a safe place to save and develop smart money habits.
Benefits of a Breakwater Youth Account:
What to bring with you when you open an account:
Breakwater would like to remind its members that it will be closed on Monday, May 26, 2025, for Memorial Day.
Breakwater will be hosting a Financial Reality Fair at L’Anse High School on May 16th starting at 11AM. If you are interested in volunteering for this event, please contact Kayleigh White: Kayleigh.white@breakwaterfcu.org.
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700 E. Sharon Ave.,
Houghton, MI 49931
Call or Text: 906.482.5005
Fax: 906.482.2451
Email: info@breakwaterfcu.org
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