Lake Michigan Credit Union

Lake Michigan Credit Union (LMCU), founded in 1933, is a credit union based in Grand Rapids, Michigan.[2] As of 2019, Lake Michigan Credit Union has 53 locations throughout the states of Michigan and Florida.[3] Lake Michigan is currently the largest credit union in the state of Michigan and the largest financial institution based in Western Michigan.[4] As the organization is a federally insured state-chartered credit union, Lake Michigan Credit Union is regulated by the National Credit Union Administration (NCUA). Lake Michigan Credit Union was officially chartered in 1933 and was assigned NCUA charter number 62514.[5]

Lake Michigan Credit Union
Credit union
Founded1933 (1933)
Headquarters
Grand Rapids, Michigan
,
United States
Number of locations
53 (2019)
Key people
Sandra Jelinski (CEO)
AUMUS$4.35 billion (2018)
Websitewww.lmcu.org
Footnotes / references
[1]

History

Lake Michigan Credit Union was founded in 1933 in Grand Rapids, Michigan, by Lloyd F. Hutt as Grand Rapids Teachers Credit Union.[6] On March 1, 2002, the institution changed its name to Lake Michigan Credit Union.[7]

In mid-May 2010, the Kalamazoo-based Citizens Credit Union announced that it planned to merge with Lake Michigan Credit Union.[1][8] This merger took place in June 2010 and resulted in the addition of Citizen Credit Union's 9,000 members and $60 million assets to Lake Michigan Credit Union's estimated 168,000 members and $1.87 billion assets.[9][10]

In October 2015, Lake Michigan Credit Union and United Federal Credit Union announced their intent to merge.[11] However in January 2016, the two institutions canceled the plan stating they could best serve their members independently.[12]

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References
  1. Bakken, Rebecca (July 21, 2010). "Banking Pays Dividends for These Career-Minded Women". Kalamazoo Gazette. Retrieved February 16, 2012.
  2. Jones, Al (April 25, 2011). "What Are the Best Places to Work in Kalamazoo and Southwest Michigan?". Kalamazoo Gazette. Retrieved February 16, 2012.
  3. "Lake Michigan Credit Union". Credit Unions Online. Retrieved February 16, 2012.
  4. Martinez, Shandra (February 1, 2011). "Lake Michigan Credit Union Purchases Van Tol, Magennis and Lang Insurance Agency". The Grand Rapids Press. Retrieved February 16, 2012.
  5. "Credit Union Online". National Credit Union Administration. Archived from the original on January 14, 2010. Retrieved February 16, 2012.
  6. Wood, Deborah Johnson (April 24, 2008). "$1.3M Credit Union Adds More Contemporary Architecture to Health Hill". Rapid Growth. Retrieved March 9, 2012.
  7. "History and Achievements". Lake Michigan Credit Union. Retrieved February 16, 2012.
  8. Jones, Al (December 28, 2010). "Some of the Ups and Downs in Kalamazoo-Area Business During the Year 2010". Kalamazoo Gazette. Retrieved February 16, 2012.
  9. Jones, Al (May 20, 2010). "Kalamazoo-Based Citizens Credit Union Will Merge with Lake Michigan Credit Union". Kalamazoo Gazette. Retrieved February 16, 2012.
  10. Sanchez, Mark (May 13, 2010). "Merger Would Add to Credit Union's Kalamazoo Presence". Business Review West Michigan. Retrieved February 17, 2012.
  11. Tompor, Susan (October 15, 2015). "2 major Michigan credit unions to merge". Detroit Free Press. Retrieved January 29, 2019.
  12. Jim, Harger (January 8, 2016). "'Largest Merger in History' Canceled by 2 Michigan Credit Unions". The Grand Rapids Press. Retrieved January 9, 2016.
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