Lake Trust Credit Union
 | |
 A Lake Trust branch in Ann Arbor, Michigan. | |
| Company type | Credit union |
|---|---|
| Industry | Financial services |
| Founded | 1944 |
| Headquarters | , |
Number of locations | 22 (2024) |
Key people | David Snodgrass, President and Chief Executive Officer |
| Products | Savings; checking; consumer loans; mortgages; credit cards; investments; online banking |
| Total assets | $2.6+ billion USD (2023[1]) |
| Members | 180,000 (2023[2]) |
Number of employees | 500 (2023[3]) |
| Website | laketrust |
Lake Trust Credit Union is a community-based credit union headquartered in Brighton, Michigan. As a not-for-profit financial cooperative, Lake Trust is owned by members of the credit union and regulated under the authority of the National Credit Union Administration (NCUA). The organization is governed and supervised by an 18-member board of directors.
As of September 2023, Lake Trust has branches in more than 20 cities, towns, and villages throughout Michigan, serving nearly 200,000 individual and business members. With more than $2.5 billion in assets, it ranks in the top 1% of credit unions nationwide.
According to their website, the Lake Trust vision is “A world in which everyone thrives.” The credit union strives towards this vision by supporting the financial wellbeing of its members, team members, and communities. To Lake Trust, supporting wellbeing means partnering closely to understand members’ goals, dreams, and aspirations – and working together to discover solutions and opportunities to achieve a brighter future.
Lake Trust has been honored with awards for outstanding workplace culture and dedication to small businesses in Michigan. In 2022, Lake Trust was awarded the Corporate Social Impact Award as part of the Governor’s Services Awards, led by Michigan Governor Gretchen Whitmer.[4]
History
[edit]- April 2010: Lake Trust Credit Union was established when Detroit Edison Credit Union merged with NuUnion Credit Union to establish Lake Trust Credit Union.[5] NuUnion had been a 2004 merger of State Employees Credit Union and Ottawa County School Employees Credit Union
- A year after the merger, David Snodgrass, a former executive at Affinity Federal Credit Union in New Jersey was named President and CEO of Lake Trust.
- In 2012, the Lake Trust Foundation, a 501(c)(3) organization was founded with the mission to link people and organizations together to create strong, diverse, vibrant communities by engaging in strategic community partnerships, outreach programs, and philanthropy.
- March 2013: Lake Trust Credit Union announced they would be building a new $30 million headquarters in Brighton, Michigan. The site includes a new 100,000 square foot building designed to more efficiently and effectively join their employees who were split between corporate offices located in Lansing, Michigan, Plymouth, and Brighton.[6] [7]
- September 2015: Lake Trust headquarters was officially moved to Brighton, Michigan. The building was established to be innovative and collaborative, where people are encouraged to work together in open spaces. It includes a restaurant and fitness center.
- In 2017: Lake Trust became a certified Community Development Financial Institution (CDFI). It is currently Michigan’s largest CDFI credit union, focused on creating opportunities for the financially underserved.
Membership
[edit]According to the Lake Trust website, membership at Lake Trust is open to anyone who lives, works, attends school, or worships in the state of Michigan.
There are other ways to be eligible for membership:
- Retirees of legal entities located in the state of Michigan.
- Those with an immediate family member that is a Lake Trust member.
- A spouse of a deceased member.
Financial Life Planning
[edit]The Lake Trust Financial Life Planning (FLP) team offers a variety of services to members including investment and insurance options to help members create a personalized money management plan and work toward their financial goals for the future.
The Lake Trust Foundation
[edit]Established in 2012, the Lake Trust Foundation is a 501(c)(3) organization with the mission to link people and organizations together to create strong, diverse, vibrant communities by engaging in strategic community partnerships, outreach programs, and philanthropy. The Lake Trust Foundation focuses on supporting economic empowerment, health, and education.
Since 2012, the Lake Trust Foundation has worked with community partners to give more than $690,000 in grants, award over $1.8 million in scholarships, and donate over 616,000 meals and financially support food insecurity initiatives across Michigan.
Supporting Michigan Communities
[edit]Lake Trust Credit Union strives to support members and communities in their journey toward wellbeing. Lake Trust understands that harnessing the power in all of us is key to building stronger communities and helping Michiganders reach their goals.
References
[edit]- ^ "Statement of Financial Condition". ncuso.org. National Credit Union Service Organization.
- ^ "Statement of Financial Condition". ncuso.org. National Credit Union Service Organization.
- ^ "Top Work Places". topworkplaces.com. Top Work Places.
- ^ "Gov. Whitmer Announces Winners for 2022 Governor's Service Awards". Michigan.gov.
- ^ "NuUnion Credit Union to merge with Detroit Edison Credit Union". The Morning Sun. March 19, 2010. Archived from the original on March 15, 2012. Retrieved April 12, 2011.
- ^ Henderson, Tom (March 19, 2010). "Merger creates Lake Trust Credit Union, fourth largest in state". Crain's Detroit.
- ^ Eberbach, Jennifer (September 24, 2015). "Lake Trust Credit Union opens new HQ". Livingston Daily.