ELGA Credit Union

What ELGA Credit Union does

ELGA Credit Union is a not-for-profit cooperative financial institution founded in 1951 and headquartered in Grand Blanc, Michigan. Following the March 6, 2026 completion of its all-cash acquisition of Marine Bank & Trust Company, ELGA operates 18 branches across Michigan and Florida, serves over 105,000 members, and holds approximately $2.2 billion in combined assets. The institution is a certified Community Development Financial Institution (CDFI) and a participant in the Veterans Benefit Banking Program (VBBP), positioning it as a community-focused alternative to traditional banks in lower-income and veteran-serving segments.

The product portfolio spans consumer and business banking: deposit products (Kasasa Cash up to 6.17% APY, Kasasa Cash Back, Basic Cash, Vibe youth checking, BAMM! Money Market up to 3.56% APY, CDs, IRAs, Kasasa Saver, Save to Win, Save Your Change); lending products (vehicle loans from 5.50% APR, mortgages from 5.900%, home equity, personal, business, and SBA loans, plus Visa Cash Back, Visa Rewards, and Visa Smart Rate credit cards); and financial services (wealth management through Kestra, trust and estate planning through Credit Union Trust, TruStage insurance, and Sallie Mae student loans). Distribution combines an 18-branch physical network, mobile apps on iOS and Android, Interactive Teller Machines, shared branching access to 5,000+ branches and 30,000+ ATMs, an extensive preferred auto and recreational vehicle dealer network, and digital account opening via DocuSign-enabled workflows.

The business model is a standard credit union net-interest-income model: revenue derives primarily from the spread between loan yields (vehicle, mortgage, personal, business, credit card) and deposit costs, supplemented by fee income (overdraft, Skip-A-Pay, monthly service charges), Visa interchange, and referral economics from wealth management. Pricing is publicly disclosed, with notable fee discipline such as the 2022 reduction of overdraft charges from $25 to $15. Member growth, product breadth, and geographic reach are deliberately pursued through community-led marketing, K-12 financial education partnerships, and the Foundation for Impact 501(c)(3), rather than aggressive paid acquisition.

Name

ELGA Credit Union

Legal name

ELGA Credit Union

Website

http://www.elgacu.com

Company type

Private

Founded year

1951

Operating status

Operating

Headcount range

101–250 employees

Short description

ELGA Credit Union is a not-for-profit cooperative financial institution founded in 1951, serving over 105,000 members across 18 branches in Michigan and Florida following its 2026 Marine Bank & Trust acquisition, offering consumer and business banking, lending, and wealth services.

Ownership category

akta.pro rank

Headquarters

HQ city

Burton

HQ country

United States

HQ region

North America

Offices18 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Net Interest Income: Primary revenue source from the spread between interest earned on loan portfolio (vehicle loans, mortgages, personal loans, business loans, credit cards) and interest paid on deposits (checking, savings, money market, CDs, IRAs).
2. Fee Income: Monthly service fees on accounts (e.g., $3 Basic Cash monthly fee, waivable), overdraft/NFS service charges ($15), Skip-A-Pay service charges ($30), loan origination fees, and wire transfer fees.
3. Credit Card Interchange: Revenue from VISA credit card interchange fees on purchase transactions across Visa Cash Back, Visa Rewards, and Visa Smart Rate card products.
4. Wealth Management Referrals: Referral-based revenue from securities and investment advisory services offered through partnership with Kestra Investment Services; includes retirement services, 401(k) management, annuities, and insurance.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels6 records

Core offering

ELGA Credit Union is a member-owned, not-for-profit cooperative financial institution that provides deposit accounts (checking, savings, money market, CDs, IRAs), consumer and business lending products (vehicle, mortgage, personal, business, student loans and VISA credit cards), and ancillary financial services including wealth management, trust and estate planning, insurance, and financial wellness coaching. Members access these products through 18 branches in Michigan and Florida, a digital and mobile banking platform, an ATM and shared branching network, and dealer partnerships for vehicle financing.

Product overview

ELGA Credit Union operates as a community credit union offering a comprehensive suite of financial products organized into three core pillars: deposit accounts (checking, savings, money market, and certificates), lending products (vehicle, home, personal, business, and credit cards), and financial services (wealth management, trust services, and insurance). The digital banking platform serves as the primary delivery channel for member interactions. Strategic partnerships expand the product range to include student loans (Sallie Mae), financial wellness coaching (Pocketnest, GreenPath, Debbie), and insurance (TruStage). The Marine Bank & Trust acquisition completed in March 2026 added commercial banking and treasury management capabilities to the existing consumer-focused portfolio, expanding presence to 18 branches across Michigan and Florida with approximately $2.2 billion in assets.

Differentiator

Problem solved

Functional benefit

Products and services

• Kasasa Cash High-interest rewards checking account offering up to 6.17% APY on balances up to $15,000 and 0.25% APY above $15,000, with no minimum opening balance and no monthly fees; requires monthly qualification activities such as debit transactions, eStatements, and direct deposit/ACH. Available to consumer members.
• Kasasa Cash Back Cash-back checking account that returns up to $10 per month on debit card purchases, with no interest earned, no minimum opening balance, and no monthly fees. Targets consumer members who prefer cash-back rewards over interest.
• Basic Cash Checking Standard checking account earning 0.10% APY with a $3 monthly fee that can be waived with 10+ debit purchases, eStatements, age 65+, ELGA Perks enrollment, or a $1,000 daily average balance. For consumer members seeking a low-fee everyday account.
• Vibe Youth Checking Checking account for members ages 14-25 with no minimum opening balance, dividend-earning balances, and no monthly fees. Designed to onboard youth and young adults into the credit union.
• BAMM! Money Market Tiered money market account with a $25,000 minimum opening balance; standard APY up to 2.02% and qualifying APY up to 3.56% when paired with a $5,000 average daily balance checking account or $2,500 in monthly ELGA Visa purchases. Tiered from 3.05% APY ($25K-$99K) to 3.56% APY ($250K+).
• Certificates (CDs) Term share certificates with a $1,000 minimum deposit, dividends paid quarterly, available in terms from 3 months to 72 months with tiered rates by deposit amount. Includes promotional CDs such as the 10-Month Promo at 4.00% APY.
• Kasasa Saver High-yield savings account linked to a Kasasa checking account offering 1.51% APY on balances up to $250,000, with automatic monthly transfers of earned rewards from checking.
• Learn2Save CD Certificate of deposit for members ages 0-25 with 12- or 24-month terms, a $250 minimum balance, and unlimited deposit capabilities. Encourages youth savings habit formation.
• Save to Win Prize-linked savings account where every $25 deposited earns entries into monthly ($25) and quarterly (up to $5,000) prize drawings. Combines savings with chance-based rewards for consumer members.
• Save Your Change Automatic savings program that rounds up debit card purchases to the nearest dollar (with a double round-up option) and transfers the difference from checking into a linked savings account.
• Super Saver Account Youth savings account for children ages 0-13 that rewards deposits with punches on a Super Saver card and prize selection after four punches. Designed to introduce children to saving.
• ELGA Elite High Yield Savings Tiered high-yield savings account with rates ranging from 0.15% APY ($1,000-$4,999) up to 0.55% APY for balances of $500,000+. For consumer savers seeking tiered yields.
• Vehicle Loans Vehicle loans for new and used cars, RVs, boats, motorcycles, ATVs, and snowmobiles with rates as low as 5.50% APR, terms up to 96 months on new autos, and 90-day no-payment options. Includes a 0.50% rate reduction for direct deposit and automatic payment.
• Home Loans (Mortgages) Mortgage products including conventional, FHA, and portfolio loans for purchases, refinances, and cash-out options, with 10- to 30-year fixed-rate terms. Fixed rates from 5.900% (10-year) to 7.750%, with FHA/RD/VA from 6.625%. Portfolio closing costs approximately $2,000; secondary market approximately $3,000.
• Home Improvement Loan Unsecured personal loan for home renovations, appliances, and updates with a minimum loan amount of $5,000. Targets consumer members seeking home improvements without using home equity.
• Any Moment Loans Unsecured personal loans for debt consolidation, essential purchases, weddings, travel, or any personal financial need. Available to consumer members for flexible borrowing.
• VISA Cash Back Credit Card Credit card earning 1% cash back on purchases, with APR from 13.75% to 20.75%, no annual fee, and contactless tap-to-pay capability. Designed for consumer members who prefer cash-back rewards.
• VISA Rewards Credit Card Credit card earning 1 point per dollar on purchases, with APR from 13.75% to 20.75%, no annual fee, contactless capability, and integration into ELGA Relationship Rewards.
• VISA Smart Rate Credit Card Low-rate credit card with APR from 11.75% to 18.75%, no annual fee, designed for cost-conscious consumer cardholders who prioritize lower interest rates over rewards.
• Business Checking Accounts Business checking solutions including Basic Checking for new or small businesses, Checking Plus for growing businesses, Analyzed Checking for established businesses with higher transaction volumes, and Non-Profit Checking for 501(c)(3) organizations. Targets small business owners and nonprofits in Michigan and Florida.
• Treasury Management Solutions Treasury management suite for businesses including Remote Deposit Capture, Positive Pay, ACH Origination, Domestic Wire Transfer, Merchant Services, and Payroll Services. Targets small and mid-sized businesses needing cash management capabilities.
• Business Loans Commercial lending products including Lines of Credit, Equipment Loans, Short- and Long-Term Business Loans, Real Estate and Construction Loans, and SBA Loans. For small businesses and commercial borrowers in Michigan and Florida.
• Digital Banking Platform Online and mobile banking platform providing 24/7 account access, bill pay, mobile check deposit, fund transfers, eStatements, and push/email/text alerts, plus DocuSign-based document signing for loan applications. Available via iOS and Android native apps and web.
• ELGA Wealth Management Comprehensive wealth services including retirement planning, 401(k) management, IRAs, education funding, investing, annuities, insurance, and small business services. Securities offered through Kestra Investment Services partnership. For members seeking retirement and investment planning.
• Trust & Estate Planning Trust services offered through Credit Union Trust, including revocable and irrevocable trusts, special needs trusts, estate administration, and fiduciary services. For members requiring estate planning and trust administration.
• Student Loans Private student loans offered through partnership with Sallie Mae for undergraduate and graduate students, including specialized loans for MBA, medical, dental, law, and health professions programs. For students and families financing higher education.
• Foundation for Impact 501(c)(3) foundation established in 2020 that supports nonprofits through grants, scholarships, financial education programs, and community events across Michigan. Funded in part by member donations.

Quantifiable outcome

• Up to 6.17% APY on Kasasa Cash checking accounts (balances up to $15,000)
• +4 more outcomes

Named customers5 records

Segments7 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• Marine Bank & Trust CompanycoreStrategic or Co-development Partner · 6 March 2026ELGA Credit Union completed acquisition of Marine Bank & Trust Company on March 6, 2026. Marine Bancorp of Florida, Inc. (holding company for Marine Bank) received all regulatory and shareholder approvals. The all-cash deal at $43.75 per share expanded ELGA to 18 branches and approximately $2.2 billion in assets, adding 7 Florida locations.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• BECU: Washington-state community credit union (formerly Boeing Employees Credit Union), one of the largest US credit unions. Comparable community credit union model and product breadth, but significantly larger scale and broader geographic reach.
• PenFed (Pentagon Federal Credit Union): One of the largest US credit unions, originally military-focused but now serving a broad membership base. Comparable full-service credit union product suite including deposits, lending, cards, and wealth, but operates at much larger scale than ELGA.

Regional players

• Alliant Credit Union: Illinois-based digital-first credit union serving members nationwide. Comparable member-owned structure with similar full-service product suite, but operates primarily online with different geographic concentration.
• Connexus Credit Union: Wisconsin-headquartered community credit union serving members nationwide. Similar member-owned cooperative model with comparable deposit and lending products and growing digital-first delivery approach; operates in a different primary geography.
• Consumers Cooperative Credit Union: Wisconsin-headquartered community credit union. Similar member-owned cooperative structure with comparable deposit, lending, and business banking products; serves a different primary geography but matches ELGA's community focus.
• Wings Financial Credit Union: Minnesota-based community credit union originally serving aviation employees. Comparable full-service credit union offering across deposits, lending, and wealth services with similar asset scale and member-owned model; different regional footprint.
• Digital Federal Credit Union (DCU): Massachusetts-headquartered community credit union serving members nationwide. Comparable member-owned credit union model with similar full-service offerings including deposits, lending, and digital banking; operates in different primary geography.

Direct peers

• Lake Michigan Credit Union: Michigan's largest credit union, headquartered in Grand Rapids. Operates a full-service community credit union model with comparable deposit, lending, and business banking products. Most directly comparable peer given overlapping Michigan geography and member-owned cooperative structure.
• Genisys Credit Union: Michigan-based community credit union serving Metro Detroit and surrounding areas with deposit, lending, and business banking offerings. Comparable size, community model, and member-owned cooperative structure to ELGA.
• Michigan State University Federal Credit Union: Michigan-headquartered community credit union serving MSU community and broader Michigan. Comparable deposit, lending, and digital banking products; similar asset scale range and community-oriented focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/user/ELGACU
• Facebookfacebook.com/ELGACU
• LinkedInlinkedin.com/company/elga-credit-union
• Instagraminstagram.com/elgacreditunion
• Xx.com/ELGAcu

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ELGA Credit Union