Wolverine State Credit Union was formed in 2017 with the merger of Besser Credit Union and Thunder Bay Area Credit Union. Both credit unions were originally founded as SEG based Credit Unions to service similar employee groups. Besser Credit Union was formed to serve the employees of Besser Company, the world's premier manufacturer of cement block machines. Thunder Bay Area CU was originally called Abitibi Employee Credit Union and was formed to serve the employees for the Abitibi, a local particle board manufacturer. In the 1990's both credit unions faced with a declining membership converted to community charters to serve the residents of Alpena county.