The Local Credit Union

What The Local Credit Union does

The Local Credit Union is a member-owned, nonprofit financial cooperative founded in 1949 and headquartered at 39139 Mound Rd, Sterling Heights, Michigan, serving union members and their families across the Detroit metropolitan area (Macomb, Oakland, and Wayne Counties). It also extends eligibility to retirees receiving pension or social security, giving the institution a structurally defined field-of-membership anchored to roughly 18 partner labor locals including LIUNA, UAW, IBEW Local 58, Iron Workers Local 25, Operating Engineers Local 324, Plumbers Local 98, Bricklayers Local 2, Pipefitters Local 636, Millwrights Local 1102, and the United Brotherhood of Carpenters & Joiners.

The core product set spans personal checking (Kasasa Cash, Kasasa Cash Back, Flexible Money Fund, Apprentice Youth), savings and share products (Kasasa Saver, Regular/Daily Share Savings, Term Share Certificates, prize-linked Save to Win Certificates), and a full consumer lending suite (home mortgages, HELOCs, auto, RV, personal term loans, personal lines of credit, Smart Option Student Loans, Visa credit cards). Add-on services include TruStage accidental death & dismemberment insurance (underwritten by CMFG Life), Kasasa Protect identity protection powered by Experian/CSID, THE LOCAL Insurance Group, Home Banking, Mobile Wallet, and AudioEye-certified WCAG 2.2 Level AA accessible web delivery. The checking/savings rewards stack is operated on Kasasa's account platform, while the national service footprint is delivered through the CO-OP shared branching network (5,000+ branches, 2,000+ self-service kiosks) and CO-OP surcharge-free ATM network (~30,000 locations).

Commercially, the credit union operates a community-led go-to-market in which membership acquisition originates through union-employer or retirement eligibility and is fulfilled via branch and online channels. Revenue is generated through interest income on the loan portfolio (the dominant stream, supplemented by net interest margin on deposits) and fee income — monthly service charges, ATM, overdraft, early withdrawal penalties, and the subscription-based Kasasa Protect at $7.00 per month plus $1,000 of complimentary TruStage AD&D coverage fully paid by the credit union. As a cooperative, surplus is not distributed to outside shareholders but returned to members through dividend rates, loan pricing, and cash-back rewards.

Name

The Local Credit Union

Legal name

THE LOCAL Credit Union

Website

https://thelocalcreditunion.com

Company type

Private

Founded year

1949

Operating status

Operating

Headcount range

11–50 employees

Short description

The Local Credit Union is a member-owned, nonprofit financial cooperative founded in 1949 and headquartered in Sterling Heights, Michigan, serving union members, their families, and retirees across the Detroit metro area with deposit accounts, consumer loans, and insurance products.

Ownership category

akta.pro rank

Product category

Retail Banking (Credit Union)

NAICS

Credit Unions (52213)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Community Credit Unions (Retail/Consumer Focus) (FSABAEAA)

Keywords

• Retail banking services
• Consumer lending
• Deposit accounts
• Credit union services
• Personal financial services

Headquarters

HQ city

Sterling Heights

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income: The credit union generates revenue primarily through interest earned on loans including home mortgages, home equity loans, auto loans, personal loans, and credit cards. As a credit union, profits are returned to members through better rates on loans and savings.
2. Fee Income: Monthly service fees, ATM fees at non-network ATMs, overdraft fees, early withdrawal penalties on certificates, and other account-related fees.
3. Insurance Products: Accidental death and dismemberment insurance offered through TruStage Insurance Agency, with additional family coverage available for monthly premiums. Identity protection services through Kasasa Protect at $7.00/month.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

The Local Credit Union is a member-owned cooperative financial institution providing consumer banking products to union members, retirees, and their families in the Detroit metropolitan area. It offers personal checking and savings accounts (including Kasasa rewards products), a full suite of consumer loans (home mortgages, home equity, auto, RV, personal, student, and Visa credit cards), insurance products (accidental death and dismemberment through TruStage), identity protection (Kasasa Protect), and digital banking services. Membership is acquired through affiliation with partner labor unions or retirement status, and products are distributed through branches, online/mobile platforms, and the CO-OP shared branching and ATM networks.

Product overview

The Local Credit Union offers a unified portfolio of consumer banking products and services targeting union members and their families in the Detroit-area market. The core offerings include multiple checking account variants (Kasasa Cash, Kasasa Cash Back, Flexible Money Fund, Apprentice Youth Checking), savings products (Kasasa Saver, Regular Share Savings, Daily Share Savings, Term Share Certificates, Save to Win Certificates with prize drawings), and a comprehensive suite of lending products (home mortgages, home equity loans, auto loans, RV loans, personal term loans, personal lines of credit, student loans, and Visa credit cards). The credit union supplements its banking services with insurance offerings through TruStage (accidental death & dismemberment) and The LOCAL Insurance Group, as well as digital banking tools including Home Banking, Mobile Wallet, and identity protection via Kasasa Protect. A distinctive feature is the Save to Win Certificate program, which offers monthly prize drawings up to $5,000 to incentivize saving behavior.

Differentiator

Problem solved

Functional benefit

Products and services

• Free Kasasa Cash Checking Free personal checking account that pays cash back rewards on signature-based debit card transactions. Targeted at consumer members seeking everyday banking with no monthly maintenance fees.
• Free Kasasa Cash Back Checking Free personal checking account that earns cash back rewards on debit card purchases. Available to consumer members of the credit union.
• Flexible Money Fund Money market fund account offering competitive yields with limited check-writing privileges for consumer members.
• Apprentice Youth Checking Checking account designed for young members entering the workforce, serving as a first checking account option for apprentices and youth.
• Free Kasasa Saver High-yield savings account linked to Kasasa checking accounts to maximize earning potential through automated rewards sweeping.
• Regular Share Savings Standard credit union share savings account with competitive dividend rates and no monthly fees for consumer members.
• Daily Share Savings Savings account that accrues dividends daily for faster account growth on consumer deposits.
• The Little Laborers Savings Club Savings account designed for children to teach financial literacy and encourage early saving habits among members' kids.
• Save to Win Certificates 12-month renewable term share certificate with monthly, quarterly, and annual cash prize drawings up to $5,000. Minimum $25 deposit; $25 early withdrawal penalty applies.
• Term Share Certificates Traditional credit union share certificates with fixed terms and competitive dividend rates for consumer savers.
• Home Mortgage Loans First mortgage loans on one and two-family houses and condominiums for primary residences in the Southeast Michigan area.
• Home Equity Loans Equity loans available as variable rate lines of credit or fixed rate terms, structured as 1st or 2nd mortgages for any worthwhile purpose requiring mortgage placement on the home.
• Auto Loans Vehicle financing for purchasing new or used automobiles for consumer members.
• Recreational Vehicle (RV) Loans Financing for recreational vehicles including motorhomes, travel trailers, and other RVs for consumer members.
• Personal Term Loans Fixed-term personal loans for various borrowing needs with set repayment schedules for consumer members.
• Personal Lines of Credit Revolving personal credit lines providing flexible access to funds as needed for consumer members.
• Smart Option Student Loan Student loan product designed to help members finance higher education expenses.
• Visa Credit Card Credit card issued through the Visa network offering purchasing power and rewards for consumer members.
• Kasasa Protect Identity theft and fraud protection service providing 24/7 credit monitoring, dark web monitoring, lost wallet protection, and identity restoration. Offered at $7.00/month.
• THE LOCAL Insurance Group Insurance services providing coverage and rates from trusted providers for credit union members.
• Accidental Death & Dismemberment Insurance TruStage accidental death and dismemberment insurance providing $1,000 of no-cost coverage fully paid by the credit union, with additional family coverage available at budget-friendly rates.

Quantifiable outcome

• Kasasa accounts have given back over $505 million to members nationwide
• +1 more outcomes

Named customers7 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Partnerships

14 partnerships are on record, tiered core and supporting.

• TruStage Insurance AgencycoreStrategic or Co-development Partner · 1 January 2018TruStage provides accidental death and dismemberment insurance as an exclusive member benefit. Members receive $1,000 of no-cost coverage fully paid for by the credit union. TruStage is underwritten by CMFG Life Insurance Company, a credit union member insurance provider for more than 80 years, rated A (Excellent) by A.M. Best.
• KasasacoreTechnology or Integration · 1 January 2009Kasasa provides the account platform for The Local Credit Union's checking and savings products, including Kasasa Cash, Kasasa Cash Back, and Kasasa Saver. The partnership enables competitive rewards programs and modern banking technology. Kasasa has been fighting on behalf of community banks and credit unions since 2009 to provide better banking alternatives to megabanks.
• CMFG Life Insurance CompanycoreStrategic or Co-development PartnerCMFG Life Insurance Company underwrites TruStage insurance products offered through the credit union. Has earned the trust of members nationwide and is rated A (Excellent) by A.M. Best for financial strength and performance.
• Experian (via CSID)coreTechnology or IntegrationExperian Partner Solutions (CSID) provides identity protection technology for Kasasa Protect services including credit monitoring, dark web monitoring, and identity restoration services. The service monitors across social networks, chat rooms, and black market websites for personally identifiable information.
• CO-OP Financial ServicescoreTechnology or IntegrationCO-OP provides the surcharge-free ATM network with 30,000 locations nationwide and shared branching network with 5,000+ locations. The partnership enables members to access their accounts at participating credit unions and ATMs across all 50 states.
• Laborers' International Union (LIUNA)coreStrategic or Co-development PartnerLaborers' International Union of North America is a founding partner union. Union members and their families are eligible for credit union membership. The credit union demonstrates support for the union community through the Union Trades Directory and community involvement.
• IBEW Local 58coreStrategic or Co-development PartnerInternational Brotherhood of Electrical Workers Local 58 is one of the key union partners. Members of this local are eligible for credit union membership and the credit union actively supports the union community.
• UAW (United Auto Workers)coreStrategic or Co-development PartnerUnited Auto Workers union is a key partner whose members are eligible for credit union membership. The credit union serves automotive industry workers and their families.
• Millwrights Local 1102supportingStrategic or Co-development PartnerMillwrights Local 1102 is one of the union partners whose members are eligible for credit union membership.
• Iron Workers Local 25supportingStrategic or Co-development PartnerIron Workers Local 25 is one of the union partners whose members are eligible for credit union membership.
• Operating Engineers Local 324supportingStrategic or Co-development PartnerOperating Engineers Local 324 is one of the union partners whose members are eligible for credit union membership.
• Plumbers Local 98supportingStrategic or Co-development PartnerPlumbers Local 98 is one of the union partners whose members are eligible for credit union membership.
• Bricklayers Local 2supportingStrategic or Co-development PartnerBricklayers Local 2 is one of the union partners whose members are eligible for credit union membership.
• Pipefitters Local 636supportingStrategic or Co-development PartnerPipefitters Local 636 is one of the union partners whose members are eligible for credit union membership.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Market position

Strengths4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/TheLocalCU
• Facebookfacebook.com/TheLocalCreditUnion

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about The Local Credit Union