LMCU Purchases Grand Shore
GRAND HAVEN — The merger with a small Grand Haven credit union gives Lake Michigan Credit Union a toehold in a new market and a base from which to build a presence on the lakeshore.
The Grand Rapids-based Lake Michigan Credit Union is already planning to build and relocate to a more visible, full-service location this year on Jackson Street, east of U.S. 31, in Grand Haven to replace the small office of the 1,515-member former Grand Shore Credit Union.
“We need the new location because we’re certainly going to be growing,” Manager Deanna Taylor said.
The Grand Shore merger provides Lake Michigan Credit Union its first office in the lakeshore market. It came as Lake Michigan Credit Union is completing construction and preparing to open a new Holland office that was to represent its debut location in Ottawa County.
Lake Michigan Credit Union completed the merger of Grand Shore Credit Union in January after receiving approval from state regulators. At the time, Grand Shore Credit Union had assets of about $5.1 million and a field of membership that included employees and their families at select local manufacturers and people living or worshipping within a 25-mile radius.
Overtures from the members of Grand Shore Credit Union came as Lake Michigan Credit Union was already looking to open a location in Grand Haven this year, said Jerri Schmidt, director of marketing and business development. With 10 percent of its membership living in the lakeshore community, Lake Michigan Credit Union has made establishing a branch network in the market a top priority, Schmidt said.
“It just kind of made sense to us that this would be good for both credit unions,” she said. “We’re going to go after (the lakeshore market) pretty hard.”
For Grand Shore Credit Union, selling to Lake Michigan Credit Union provides the size and resources of a larger institution to offer new services its members have been wanting, including Internet and telephone banking, Taylor said.
“There’s a lot more opportunities for our membership,” Taylor said. “We just couldn’t offer the services the others could to keep up with the competition.”
Lake Michigan Credit Union was formed in 2002 when the former CU Financial Group that served as the umbrella group for several credit unions changed its name and charter. With the Grand Shore acquisition, the credit union now has 16 locations. Except for the Grand Haven office, all branches are in Kent County.
The credit union plans to open a 17th office, in Holland at East Eighth Street and Waverly Avenue, March 20, as well as additional offices this year in the Grand Rapids area. A location in Muskegon is planned in 2004.
Lake Michigan Credit Union has more than 92,000 members in its four-county charter area that includes Kent, Ottawa, Muskegon and Allegan counties. Assets as of Jan. 31 totaled $696 million and deposits totaled $613 million. Loans were $558 million.