Sep, 30, 2025 — LAKE MICHIGAN CREDIT UNION is a federally insured state chartered credit union headquartered in CALEDONIA, MI with 73 branch locations and about $15.21 billion in total assets. Opened 93 years ago in 1933, LAKE MICHIGAN CREDIT UNION has about 517,086 members and employs 1,789 full and part-time employees offering various banking and financial related services such as Checking & Savings accounts, ATM/Debit Card Program and more.
| Name: | LAKE MICHIGAN CREDIT UNION |
|---|---|
| Address: (Main Office) | 5664 Prairie Creek Dr SE CALEDONIA, MI 49316 |
| Phone: | (616) 242-9790 |
| Fax: | |
| Website: | https://www.lmcu.org |
| Branches: | 73 branch locations |
| Members: | 517,086 |
| Credit Union Type: | Federally Insured State Chartered Credit Union |
| Charter Number: | 62514 |
|---|---|
| Membership Type: | State chartered natural person |
| Corporate Credit Union: | No |
| Year Opened: | 1933 |
| Last Audited: | Dec 01, 2024 |
| FHLB Member: | Yes |
| Low Income Designation: | No |
| Assets: | $15,210,402,425 |
| CEO/Manager: | Julie Leonard |
| Chairperson: | Gretchen Tellman |
| ASSETS: | $ Amount |
|---|---|
| Cash & Equivalents | 1,061,087,093 |
| TOTAL INVESTMENTS | 0 |
| Loans Held for Sale | 88,243,767 |
| Real Estate Loans | 10,932,368,832 |
| Unsecured Loans | 388,117,050 |
| Other Loans | 1,767,683,658 |
| TOTAL LOANS | 13,088,169,540 |
| (Allowance for Loan & Lease Losses or Allowance for Credit Losses on Loans & Leases) | -107,665,524 |
| Land And Building | 117,200,897 |
| Other Fixed Assets | 10,553,657 |
| NCUSIF (National Credit Union Share Insurance Fund) Deposit | 101,652,289 |
| All Other Assets | 163,667 |
| TOTAL ASSETS | 15,210,402,425 |
| LIABILITIES & CAPITAL: | |
| Dividends Payable | 6,530,088 |
| Notes & Interest Payable | 470,000,000 |
| Accounts Payable & Other Liabilities | 139,588,032 |
| Uninsured Secondary Capital and Subordinated Debt Included in Net Worth | 0 |
| Share Drafts | 3,147,276,441 |
| Regular shares | 1,358,352,924 |
| All Other Shares & Deposits | 8,365,145,772 |
| TOTAL SHARES & DEPOSITS | 12,870,775,137 |
| TOTAL LIABILITIES | 13,492,387,204 |
| Regular Reserve | 0 |
| Other Reserves | -71,512,159 |
| Undivided Earnings | 1,789,527,380 |
| TOTAL EQUITY | 1,718,015,221 |
| TOTAL LIABILITIES, SHARES, & EQUITY | 15,210,402,425 |
| INCOME & EXPENSE | |
| Loan Income | 493,360,532 |
| Investment Income | 49,863,361 |
| Other Income | 23,549,449 |
| Total Employee Compensation & Benefits | 140,578,000 |
| NCUSIF (National Credit Union Share Insurance Fund) Premiums Expense | 0 |
| Total Other Operating Expenses | 109,896,377 |
| Non-operating Income & (Expense) | 91,548 |
| NCUSIF Stabilization Income | N/A |
| Provision for Loan/Lease Losses or Total Credit Loss Expense | 26,180,137 |
| Cost of Funds | 239,847,536 |
| NET INCOME (LOSS) EXCLUDING STABILIZATION EXPENSE & NCUSIF PREMIUM | N/A |
| Net Income (Loss) | 156,221,504 |
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