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]
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:
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.
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.
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.
Theta Phi Alpha (ΘΦΑ), commonly known as Theta Phi, is a women's fraternity founded at the University of Michigan – Ann Arbor on August 30, 1912. Theta Phi Alpha is one of 26 national sororities recognized in the National Panhellenic Conference. Today, Theta Phi Alpha has 54 active chapters across the United States. Theta Phi has alumnae clubs and associations in almost every major city. The organization is involved in the philanthropies Glenmary Home Missioners and The House that Theta Phi Alpha Built which help the homeless and underprivileged, specifically in the Appalachian Mountain region, and Camp Friendship, a summer camp in northeast Mississippi for children from disadvantaged and low-income homes.
Community development bank (CDB) or Community Development Financial Institution (CDFI) is a development bank or credit union that focus on serving people who have been locked out of the traditional financial systems such as the unbanked or underbanked in deprived local communities. They emphasize the long term development of communities and provide loans such as micro-finance or venture capital.
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services in the United States and Canada. Its operating units include an electric utility serving 2.2 million customers and a natural gas utility serving 1.3 million customers in Michigan.
A community development financial institution (US) or community development finance institution (UK) - abbreviated in both cases to CDFI - is a financial institution that provides credit and financial services to underserved markets and populations, primarily in the USA but also in the UK. A CDFI may be a community development bank, a community development credit union (CDCU), a community development loan fund (CDLF), a community development venture capital fund (CDVC), a microenterprise development loan fund, or a community development corporation.
Gulf and Fraser Fishermen's Credit Union, operating as Gulf & Fraser, is a member-owned financial institution in Burnaby, British Columbia, Canada, and is the sixth largest credit union in British Columbia by asset size. With a history dating back to 1940, Gulf & Fraser provides banking and a variety of financial services including borrowing, investments and financial planning. It is insured by the Credit Union Deposit Insurance Corporation of British Columbia, a crown corporation that insures the deposits of credit union members.
The Kresge Foundation is a philanthropic private foundation headquartered in Troy, Michigan, United States. The foundation works to expand opportunities in America's cities through grantmaking and investing in arts and culture, education, environment, health, human services and community development efforts. The Kresge Foundation is one of wealthiest charitable organizations in the world, with an endowment of $4.3 billion as of June 2021.
Pentagon Federal Credit Union, widely known by its abbreviated name PenFed, is a United States federal credit union headquartered in McLean, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA). PenFed is the nation's third largest federal credit union, with assets of $34.8 billion and more than 2.8 million members as of December 2023.
Ascension Michigan, formerly St. John Providence Health System and the St. John Health System, is the Michigan division of Ascension Health.
Island Savings, a division of First West Credit Union, is based in British Columbia, Canada. Since 1951, Island Savings has served communities on Vancouver Island and Gulf Islands.
The Michigan State University Federal Credit Union (MSUFCU) is a credit union headquartered in East Lansing, Michigan. Primarily serving students and alumni of Michigan State University and Oakland University, MSUFCU is federally chartered and regulated by the National Credit Union Administration (NCUA). MSUFCU is the largest university-based credit union in the world, and the second-largest credit union in Michigan.
The Carnegie United Kingdom Trust is an independent, endowed charitable trust based in Scotland that operates throughout Great Britain and Ireland. Originally established with an endowment from Andrew Carnegie in his birthplace of Dunfermline, it is incorporated by a royal charter and shares purpose-built premises with the Carnegie Trust for the Universities of Scotland, the Carnegie Dunfermline Trust, and the Carnegie Hero Fund Trust.
CommunityAmerica Credit Union (CACU) is a credit union headquartered in Lenexa, Kansas, regulated under the authority of the Missouri Division of Credit Unions and the National Credit Union Administration (NCUA) of the U.S. federal government. CommunityAmerica has $4.3 billion in assets, ranking it among the nation's largest credit unions. Based on deposits, CommunityAmerica ranks as one of the top 10 Kansas City-based financial institutions. There are 33 CommunityAmerica branches in the Kansas City and St. Louis areas.
EastRise Credit Union is a credit union headquartered in Williston, Vermont, chartered and regulated under the authority of the National Credit Union Administration of the U.S. federal government. Founded in 1961 as the IBM Employees Credit Union, EastRise is currently the largest credit union in Vermont with $3.05 billion in assets, 168,460 members, and twenty-two branches.
DFCU Financial is a state-chartered credit union headquartered in Dearborn, Michigan, regulated by Michigan's Department of Licensing and Regulatory Affairs (LARA). DFCU Financial is one of Michigan's largest credit unions. As of October 2021, DFCU Financial had approximately $6 billion in assets, 232,000 members, and 27 branches in Metro Detroit, Ann Arbor, Grand Rapids and Lansing.
Equality Michigan is an American civil rights, advocacy and anti-violence organization serving Michigan's lesbian, gay, bisexual and transgender (LGBTQ) community. Equality Michigan serves Michigan's LGBT community through victims services, lobbying on behalf of the LGBT community, public education on LGBT issues, and organizing Michigan's largest LGBT events such as Motor City Pride. The organization is a founding member of the Equality Federation.
The Support Center is a not-for-profit organization and a community development financial institution (CDFI), based in Raleigh, North Carolina. It is a statewide nonprofit that partners with Community Development Credit Unions (CDCUs) and community-based organizations to provide small business and mortgage lending services to its members; and to provide training, grants, and loans to create economic opportunities for individuals, families, and communities in underserved markets.
Capital Good Fund is a 501(c)(3) non-profit organization based in Providence, Rhode Island that provides loans and financial coaching to residents of Rhode Island, Florida, Massachusetts, Delaware, Illinois, Texas, Colorado, New Jersey, Connecticut, Georgia, Pennsylvania. Capital Good Fund offers loans for car purchase/refinance, immigration costs, weatherization, security deposits, and other consumer purposes.
Michigan Department of Insurance and Financial Services (DIFS), formerly the Office of Financial and Insurance Regulation, is a principal department in the Michigan executive branch with responsibility for insurance and financial institutions.
Community First Bank is an Australian member or customer-owned community-focused bank established in Sydney in 1959 as Sydney Water Board Officers Credit Union with branches in Sydney and the central coast region
Capital Impact Partners, or simply Capital Impact, is an American congressionally chartered, District of Columbia nonprofit and certified community development financial institution that provides credit and financial services to underserved markets and populations in the United States. S&P Global issued Capital Impact its first rating in 2017.