Lake Michigan Credit Union
| Company type | Credit union |
|---|---|
| Industry | Financial services |
| Founded | 1933 |
| Founder | Lloyd F. Hutt |
| Headquarters | Grand Rapids , United States |
Area served | Michigan, Florida |
| Products | Financial services |
Lake Michigan Credit Union (LMCU), established in 1933, is a credit union with its main office located in Grand Rapids, Michigan. By 2019, LMCU operated 53 branches throughout Michigan and Florida. It holds the distinction of being the largest credit union within Michigan as well as the most prominent financial institution headquartered in Western Michigan. LMCU is federally insured, operates under a state charter, and is overseen by the National Credit Union Administration (NCUA) with charter number 62514. In 2018, the credit union reported managing assets totaling US$4.35 billion.
History
The credit union was originally founded in 1933 by Lloyd F. Hutt under the name Grand Rapids Teachers Credit Union. On March 1, 2002, it adopted the name Lake Michigan Credit Union.
In June 2010, the merger with Kalamazoo-based Citizens Credit Union was finalized after being announced in May 2010. This consolidation increased LMCU’s membership by approximately 9,000 and augmented its assets by $60 million, growing from 168,000 members and $1.87 billion in assets at that time.
A proposed merger between LMCU and United Federal Credit Union was announced in October 2015 with the aim of forming Michigan’s largest credit union; however, this plan was abandoned in January 2016 when both parties opted to maintain separate operations and continue serving their members independently.