Lake Michigan Credit Union

Lake Michigan Credit Union
Credit Union
Founded 1933 (1933)
Headquarters Grand Rapids, Michigan, United States
Number of locations
 37(2015)
Key people
 Sandra Jelinski (CEO)
AUM US$3.9 billion (2015)
Website www.lmcu.org
Footnotes / references
[1]

Lake Michigan Credit Union, founded in 1933, is a credit union based in Grand Rapids, Michigan.[2] As of 2011, Lake Michigan Credit Union has 36 locations throughout the state of Michigan.[3] The credit union currently has approximately 305,000 members and US$3.6 billion in assets, making Lake Michigan the second 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]

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 name was changed to Lake Michigan Credit Union.[7]

Citizens Credit Union

In mid May 2010, the Kalamazoo based Citizens Credit Union announced that they planned to merge with Lake Michigan Credit Union.[1][8] and took place in June 2010. The merger resulted in the addition of Citizen Credit Union's 9,000 members and $US60 million assets to Lake Michigan Credit Union's estimated 168,000 members and $US1.87 billion assets.[9][10]

United Federal Credit Union

In October 2015 Lake Michigan Credit Union and United Federal Credit Union announced their intent to merge.[11] The merger did not occur.[12]

References

  1. 1 2 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. 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. ↑ Bratt, Don; Charles Spilman (October 14, 2015). "Lake Michigan Credit Union and United Federal Credit Union to Merge" (PDF) (Press release). Lake Michigan Credit Union; United Federal Credit Union. Retrieved October 18, 2015.
  12. ↑ Jim, Harger (January 8, 2016). "'Largest merger in history' canceled by 2 Michigan credit unions". The Grand Rapids Press. Retrieved January 9, 2016.

External links

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