Lake Trust Credit Union
| Company type | Nonprofit financial cooperative |
|---|---|
| Industry | Financial services |
| Founded | 2010 |
| Headquarters | Brighton , United States |
Area served | Michigan |
Key people | David Snodgrass (President and CEO) |
| Products | Personal and business banking, Financial Life Planning, investment advice, insurance solutions |
Lake Trust Credit Union is a member-owned, community-focused financial cooperative headquartered in Brighton, Michigan. As a nonprofit institution, it operates under the supervision of the National Credit Union Administration (NCUA) and is directed by an 18-person board of directors.
By September 2023, Lake Trust maintained more than 20 branch locations throughout Michigan, catering to close to 200,000 personal and business members. With assets surpassing $2.5 billion, it ranks within the top one percent of credit unions across the United States.
History
- April 2010: The formation of Lake Trust Credit Union occurred through the consolidation of Detroit Edison Credit Union and NuUnion Credit Union. NuUnion itself was created in 2004 from the merger of State Employees Credit Union and Ottawa County School Employees Credit Union.
- In 2011, David Snodgrass, previously with Affinity Federal Credit Union, was named President and CEO of Lake Trust.
- 2012: Establishment of the Lake Trust Foundation, a nonprofit 501(c)(3) entity.
- March 2013: Announcement was made regarding a new $30 million, 100,000-square-foot headquarters facility in Brighton, Michigan, intended to unify employees who were formerly distributed across Lansing, Plymouth, and Brighton.
- September 2015: The Brighton headquarters officially opened, featuring design elements that encourage innovation and teamwork, including open-plan work areas, an on-site restaurant, and a fitness center.
- 2017: Lake Trust earned recognition as Michigan’s largest certified Community Development Financial Institution (CDFI), emphasizing its commitment to enhancing financial access in underserved populations.
Membership
Eligibility for membership includes individuals residing, working, attending school, or worshiping within Michigan. Additionally, retirees from Michigan-based organizations, immediate relatives of current members, and spouses of deceased members qualify for membership.
Financial Life Planning
The Financial Life Planning (FLP) team at Lake Trust offers members investment advice and insurance solutions aimed at achieving their financial objectives.
The Lake Trust Foundation
Created in 2012 as a 501(c)(3) nonprofit, the Lake Trust Foundation focuses on promoting economic empowerment along with advancements in health and education.