Lake Michigan Credit Union (LMCU), founded in 1933, is a

credit union A credit union is a member-owned nonprofit organization, nonprofit cooperative financial institution. They may offer financial services equivalent to those of commercial banks, such as share accounts (savings accounts), share draft accounts (che ...

based in

Grand Rapids, Michigan Grand Rapids is the largest city and county seat of Kent County, Michigan, United States. With a population of 198,917 at the 2020 United States census, 2020 census and estimated at 200,117 in 2024, Grand Rapids is the List of municipalities ...

. As of 2019, Lake Michigan Credit Union has 53 locations throughout the states of Michigan and Florida. Lake Michigan is currently the largest credit union in the state of Michigan and the largest financial institution based in

Western Michigan West Michigan and Western Michigan are terms for a region in the U.S. state of Michigan's Lower Peninsula. Generally, it refers to the Grand Rapids- Muskegon-Holland area, and more broadly to most of the region along the Lower Peninsula's Lake ...

. As the organization is a federally insured state-chartered credit union, Lake Michigan Credit Union is regulated by the

National Credit Union Administration The National Credit Union Administration (NCUA) is an American government-backed insurer of Credit unions in the United States, credit unions in the United States, one of two agencies that provide deposit insurance to depositors in U.S. deposi ...

(NCUA). Lake Michigan Credit Union was officially chartered in 1933 and was assigned NCUA charter number 62514.

History

Lake Michigan Credit Union was founded in 1933 in

, by Lloyd F. Hutt as Grand Rapids Teachers Credit Union. On March 1, 2002, the institution changed its name to Lake Michigan Credit Union. In mid-May 2010, the Kalamazoo-based Citizens Credit Union announced that it planned to merge with Lake Michigan Credit Union. 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. In October 2015, Lake Michigan Credit Union and United Federal Credit Union announced their intent to merge. However in January 2016, the two institutions canceled the plan stating they could best serve their members independently.

References

External links

* {{official website, https://www.lmcu.org/ Banks established in 1933 Credit unions based in Michigan Companies based in Grand Rapids, Michigan Economy of Grand Rapids, Michigan