Lenco Credit Union

What Lenco Credit Union does

Lenco Credit Union is a member-owned financial cooperative established in 1970 and headquartered in Adrian, Michigan. It provides consumer banking products and services to education and government employees and to residents of five Michigan counties — Lenawee, Hillsdale, Jackson, Monroe, and Washtenaw. As of April 30, 2026, the institution reported total assets of $143,746,495.70, a net worth ratio of 12.07%, and 7,561 members. It holds NCUA federal insurance to at least $250,000 per member and is governed by a volunteer board of directors (Sam Ewing, Chairman).

The product portfolio spans deposit accounts (regular shares at 0.50% APY, free checking, money market at 1.51% APY, Christmas Club, and certificates of deposit with APYs up to 3.65%) and consumer lending (auto loans starting at 5.19% APR, three tiers of no-fee VISA credit cards from 7.99% APR, home equity loans and HELOCs, first mortgages held in portfolio, and private student loans via ISL Education Lending). Digital banking runs on the "It's Me 247" platform with integrated online bill pay, person-to-person payments, remote deposit capture, and direct deposit services. Distribution is via two Adrian branches and over 28,000 surcharge-free ATMs through the CO-OP Network; loan origination is partially digitized through itsme247 and mortgagewebcenter portals.

Lenco generates revenue primarily through net interest income on its loan portfolio, supplemented by transaction-based fees (wire transfers, ATM surcharges, stop payments, card replacements) and VISA interchange and gift card fees. GTM is community-led, relying on local presence, rate-match guarantees on auto loans and CDs, no-fee VISA cards, and member referrals across the defined field of membership. Customer acquisition is concentrated in Lenawee County schools, government employers, and county residents, with organic member growth through community engagement rather than paid marketing channels.

Name

Lenco Credit Union

Legal name

Lenco Credit Union

Website

https://lenco.org

Company type

Private

Founded year

1970

Operating status

Operating

Headcount range

11–50 employees

Short description

Lenco Credit Union is a member-owned cooperative founded in 1970 in Adrian, Michigan, serving education and government employees and residents across five Michigan counties with deposits, consumer loans, VISA cards, and digital banking.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213), Credit Unions (522130)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

Employer/Occupational Credit Unions (FSABAEAB)

akta.pro secondary industry

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

Keywords

• Retail banking services
• Consumer lending
• Savings accounts
• Credit union services
• Personal banking products

Headquarters

HQ city

Adrian

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Loans: Primary revenue source from auto loans, mortgages, home equity loans, VISA credit cards, and unsecured consumer loans. Interest rates vary by product type and creditworthiness.
2. Fee-based Services: Various service fees including wire transfers, ATM fees for non-network transactions, card replacements, stop payments, and check copies generate ancillary revenue.
3. Share Account Dividends: Members earn dividends on savings, checking, money market, and certificate accounts. The credit union pays interest on member deposits.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Lenco Credit Union is a member-owned financial cooperative that delivers retail banking services to individuals, including deposit accounts (savings, checking, money market, Christmas Club, certificates of deposit), consumer loans (auto, mortgage, home equity, VISA credit cards, student loans), and transactional services (wire transfers, money orders, remote deposit, online bill pay, P2P payments). Membership eligibility extends to education and government employees plus residents of Lenawee, Hillsdale, Jackson, Monroe, and Washtenaw Counties in Michigan.

Product overview

Lenco Credit Union offers a comprehensive suite of financial products and services through a multi-channel platform. The core banking offerings include multiple deposit products (Regular Savings, Free Checking, Money Market, Christmas Club, and Certificates of Deposit) and lending products (Auto Loans, VISA Credit Cards in Platinum/Gold/Classic tiers, Home Equity Loans/HELOC, First Mortgages, and Student Loans). Digital banking services are delivered through the It's Me 247 Online Banking platform with integrated Online Bill Pay and Person-to-Person payment capabilities. Additional services include Remote Deposit, Direct Deposit, Payroll Deduction, Wire Transfers, ATM services via CO-OP Network, VISA Travel Money/Gift Cards, Money Orders, and Night Deposit. The product portfolio is unified under the Lenco Credit Union brand, serving education and government employees in Lenawee County and surrounding Michigan counties.

Differentiator

Problem solved

Functional benefit

Products and services

• Auto Loans Competitive auto loan financing for new and used vehicles with rates as low as 5.19% APR (2026-2027 vehicles up to 78 months; 2015-2016 vehicles at 7.69% for 36 months), no processing fees, and 24-hour or less turnaround on applications, including a Low-Rate Guarantee that matches any lower advertised rate from another Lenawee County financial institution. Designed for members purchasing vehicles.
• VISA Platinum Credit Card No-fee VISA Platinum card with a fixed rate as low as 7.99% APR, no annual fees, no balance transfer fees, and no cash advance fees, available to Lenco Credit Union members.
• VISA Gold Credit Card No-fee VISA Gold card with a fixed rate of 12.00% APR, no annual fees, no balance transfer fees, and no cash advance fees, available to Lenco Credit Union members.
• VISA Classic Credit Card No-fee VISA Classic card with a fixed rate of 15.00% APR, no annual fees, no balance transfer fees, and no cash advance fees, available to Lenco Credit Union members.
• Home Equity Loans Home equity loans allowing members to tap into built equity for home improvements, college costs, debt consolidation, or other needs. Options include a 10-year closed-end fixed-rate loan and a HELOC tied to the prime rate, with no application fee or annual fee, available to Lenco Credit Union members.
• First Mortgage Loans Fixed-rate mortgages with 10-, 15-, 20-, and 30-year terms, no application fee, and rates among the lowest in the area, also available for 1-4 unit investment properties; Lenco does not sell loans to the secondary market.
• Student Loans (ISL Education Lending) Private student loans offered through Lenco's partnership with ISL Education Lending to help members pay for college or refinance existing student loans; ISL Education Lending is a nonprofit organization providing lower-priced student loans.
• Regular Savings Account Regular share savings account with a $5.00 minimum opening deposit requirement, earning dividends at 0.50% APY, designed to help members reach financial goals.
• Free Checking Account Free share-draft checking account with no minimum balance, no monthly statement fee, and no per-check fee, paying monthly dividends based on average daily balance at 0.15% APY.
• Money Market Account Money market savings account earning 1.51% APY with flexible access to funds, requiring a minimum opening deposit and minimum balance of $2,500.
• Christmas Club Account Savings account designed for holiday expenses, earning 0.35% APY.
• Certificates of Deposit Certificate of deposit accounts with terms ranging from 3 to 60 months, with APYs ranging from 2.02% to 3.65%. Lenco offers a rate-match guarantee for better CD rates from local financial institutions. Minimum deposit of $3,000.
• It's Me 247 Online Banking 24/7 internet banking platform allowing members to transfer funds between accounts, check balances, review transactions, verify deposits and checks, sign up for e-statements, and access electronic bill pay.
• Online Bill Pay Free online electronic bill payment service integrated with online banking, supporting electronic payees (1-2 business days), paper check payees (7-10 business days), recurring payments, and eBill delivery.
• Person-to-Person Payments Electronic money transfer service allowing members to send money to any individual in the United States via secure text message or email, with recipient password collection.
• Remote Deposit Electronic check deposit service allowing members to deposit checks by taking a clear photo of the check and submitting it digitally for clearing and account posting.
• Direct Deposit Electronic deposit service allowing employers, agencies, or institutions to place funds directly into a member's checking or savings account.
• Payroll Deduction Service allowing employers to electronically transfer portions of net pay, Social Security, or retirement pension to Lenco Credit Union on behalf of members.
• VISA Travel Money Cards Prepaid VISA cards for travel, reloadable an unlimited number of times, with ATM and PIN access, accepted worldwide at VISA locations; prepaid from $100 to $5,000 at a cost of $5.00 per card.
• VISA Gift Cards Prepaid single-use VISA gift cards available from $10 to $1,000 at a cost of $5.00 per card.
• Money Orders Money orders available up to $1,000.00 at a cost of $1.00 each.
• Night Deposit Secure night deposit service located at both Lenco office locations for after-hours check and cash deposits.
• ATM Services 24/7 ATM access at Main Office and Branch locations for withdrawals, deposits, fund transfers, and balance checks, part of the CO-OP Network providing access to over 28,000 surcharge-free ATMs across the United States and Canada.
• Wire Transfers Domestic and international wire transfer services. Outgoing domestic wire fee: $25.00; incoming domestic wire fee: $10.00; outgoing international wire fee: $45.00.

Quantifiable outcome

• Auto loan rates as low as 5.19% APR for 2026-2027 vehicles
• +2 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• CO-OP NetworkcoreTechnology or IntegrationLenco Credit Union is part of the CO-OP Network, providing members access to over 28,000 surcharge-free ATMs and 1,650 service centers across the United States and Canada. This partnership allows Lenco members to avoid ATM surcharges at participating credit union ATMs.
• ISL Education LendingminorChannel Partner/ Reseller/ DistributorLenco works with ISL Education Lending to offer private student loans to help members pay for college as well as refinance existing student loans. ISL Education Lending is a nonprofit organization providing lower-priced student loans.
• Alloya Corporate Federal Credit UnioncoreTechnology or IntegrationAlloya Corporate Federal Credit Union serves as the receiving financial institution for incoming wire transfers to Lenco Credit Union. Members provide this routing information (ABA#272478075) when expecting incoming domestic wire transfers.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• SchoolsFirst Federal Credit Union: Large US credit union organized around an education-sector employer common bond very similar to Lenco's education-and-government field of membership — comparable on member-segment focus and product suite (auto loans, mortgages, deposit accounts, fee-free cards) but operating at materially greater scale in California.
• Lake Michigan Credit Union: One of the largest credit unions in Michigan, offering a much broader product set and digital experience to members across the state — comparable to Lenco as a Michigan-based consumer-banking competitor but operating at materially greater scale and with a geographically wider field of membership.
• Mercantile Bank Corporation: Michigan-headquartered community bank offering consumer deposit, mortgage, and small-business lending products in many of the same regional markets as Lenco — comparable as a Michigan community-banking competitor for retail deposits, auto loans, and mortgages.
• Old National Bank: Regional bank with a meaningful Michigan branch and lending footprint competing for the same consumer deposit, mortgage, and small-business relationships as Lenco — comparable on community-banking product set and retail consumer finance focus, though with materially broader geographic reach.
• University of Michigan Credit Union: Education-employer–anchored Michigan credit union serving a similar higher-education and government-affiliated member base as Lenco — comparable on common-bond design and deposit/loan product mix, though substantially larger and with broader Washtenaw County penetration.

Direct peers

• Washtenaw Federal Credit Union: Washtenaw County–headquartered community credit union serving a geography that overlaps directly with Lenco's five-county field of membership — directly comparable as a Michigan community-credit-union competitor sharing consumer lending, mortgages, and shared branching adjacency.
• Huron Valley Community Federal Credit Union: Southeastern Michigan community credit union with a similar asset-cohort profile and field-of-membership structure — directly comparable to Lenco on consumer deposit/loan mix, member-focused governance, and regional Michigan competitive dynamics.
• 482 FCU: Michigan-based community credit union operating in the same southeastern-Michigan footprint with a comparable mix of deposit products, consumer loans, and member-focused field of membership — directly comparable to Lenco in scale, product set, and community-led GTM motion.

Others

• Michigan State University Federal Credit Union: Michigan-headquartered, education-sector-anchored credit union serving a similar employer-based member cohort (university staff, educators, students) — directly comparable to Lenco's employer-based common bond but operating at vastly larger scale and with a statewide and national reach.

Regional players

• Chelsea State Bank: Independent Michigan community bank headquartered in adjacent Washtenaw County — comparable to Lenco as a small Michigan community-depository institution competing for similar consumer deposit and lending relationships in the Lenawee/Washtenaw corridor, though operating as a state-chartered bank rather than a credit union.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/LencoCU
• Xx.com/lencocu
• LinkedInlinkedin.com/company/lenco-credit-union

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

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 Lenco Credit Union