August 24, 2010

Lake Michigan Credit Union Surpasses $2B in Assets

In June, Lake Michigan Credit Union surpassed the $2 billion asset mark. It was less than five years ago that we reached the $1 billion milestone. What a success story in Michigan and in this economy!

Credit Unions as a whole have grown nationally since the banking crisis began in September 2008. LMCU has grown over 21% in that time. Our recent merger with Citizens Credit Union of Kalamazoo gives us 30 branches in West Michigan to better serve our over 160,000 members. We have financed and serviced more home loans in the last few years than any bank in our market area*. Our 4%** annual percentage yield on our Max Checking is unbelievable in this 0-1 % deposit rate environment. We continue to build new branches and hire more people (over 100 in the last year alone). All of this and our loan losses are also at historic lows.

Our goal is to truly be the best place for your Money, Mortgage, Insurance, Investments and more. Thank you for being a member and letting us serve you.

*Source: First American **APY= Annual Percentage Yield. Rate subject to change. Fees could reduce earnings on account.


Ken Helmer said...

If we are doing so good ... when will we start receiving better interest rates on the money-market accounts?

LMCU said...

Ken, thank you for your feedback. Both deposit and loan rates are very low right now. And while that may offer an opportunity for someone looking to move-up in terms of home buying, your frustration about its impact on savings is understandable. Please know that LMCU has and will continue to offer rates at or near market bests in all our product categories – for example, the back page of this past Sunday’s GR Press shows our money market rate is higher than 86% of local institutions. In addition, our interest checking rate was better than all other institutions, as was our 30-yr and 15-yr mortgages rates. Combined with our 30 branches, 70+ ATMs, and reputation for great service we believe this represents a tremendous value proposition for our members and a real success story. If you have any further questions or concerns, please call and ask for me – I’d be happy to discuss further. Sincerely, Bill Clancy, Director of Retail Strategy.

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