Lake Chem Community Federal Credit Union

What Lake Chem Community Federal Credit Union does

Lake Chem Community Federal Credit Union is a federally chartered, member-owned cooperative financial institution headquartered in Draffenville, Kentucky, with a second branch in Calvert City. Founded in 1971 to serve employees of the B.F. Goodrich Chemical plant, the credit union converted to a community charter in 2005 and progressively expanded its field-of-members to Calloway County in 2011 and, most recently in May 2025, to all 13 counties of Western Kentucky under an NCUA-approved charter amendment. It targets individuals and small businesses eligible by residence, employment, worship, schooling, or business activity within Ballard, Caldwell, Calloway, Carlisle, Crittenden, Fulton, Graves, Hickman, Livingston, Lyon, Marshall, McCracken, and Trigg Counties.

The institution operates a standard retail banking product set: Share Savings and Premium Share Savings (tiered APY up to 0.50%–0.60%), a fee-free Share Draft (checking) account with monthly dividends at 0.25% APY on balances of $500+, share certificates (including a 12-month special at 3.70% APY), and savings clubs for kids, vacations, and Christmas. Lending products include auto loans from 4.25% APR with same-day funding, recreational vehicle loans from 6.75% APR, signature loans (up to $6,000 from 9.50% APR), share-secured loans at a flat 4.00%, fixed-rate mortgages from 7.00% (USDA, FHA, VA, Conventional), variable-rate mortgages and HELOCs, and a 14% APR Mastercard credit card. Distribution is delivered through two physical branches, an online banking platform, and a Fiserv-powered iOS/Android mobile app with mobile deposit, Zelle P2P payments, and tokenized Apple Pay, Samsung Pay, and Google Pay support on Mastercard debit cards.

Lake Chem operates as a not-for-profit cooperative; revenue is generated from net interest margin on loans and deposits, account and overdraft fees, and Mastercard interchange on debit card transactions in the US and 210+ countries. The go-to-market motion is community-led, emphasizing personalized branch service, local volunteer programs (United Way PALS, Miracle League), and event-based outreach (e.g., Brunch & Learn), augmented by an organic website/blog and Facebook/Instagram presence. Marketing channels are predominantly top-of-funnel community engagement rather than paid digital acquisition, and there is no documented AI/ML, API, or developer platform component.

Name

Lake Chem Community Federal Credit Union

Legal name

Lake Chem Community Federal Credit Union

Website

https://lakechemfcu.org

Company type

Private

Founded year

1971

Operating status

Operating

Headcount range

1–10 employees

Short description

Lake Chem Community Federal Credit Union is a federally chartered, not-for-profit cooperative financial institution serving individuals and small businesses across 13 counties in Western Kentucky, offering deposit accounts, consumer and mortgage lending, and digital banking via Fiserv-powered online and mobile platforms.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Credit Unions (52213)

akta.pro primary industry

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

akta.pro secondary industries

Cooperative Banks (Member-Owned Commercial/Retail) (FSABAEAF), Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Community credit union
• Consumer lending
• Deposit accounts
• Mortgage loans
• Member-owned banking

Headquarters

HQ city

Benton

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Revenue model

1. Interest Income: Primary revenue stream from interest earned on loans including auto loans, mortgages, personal loans, and credit cards. Interest rates vary by product type and creditworthiness.
2. Account Fees and Service Charges: Fees associated with account maintenance, overdrafts, and other banking services as disclosed in the Schedule of Fees and Charges.
3. Interchange and Debit Card Fees: Revenue generated from Mastercard debit card transactions, including usage in the US and 210+ countries and territories.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Lake Chem Community Federal Credit Union is a federally chartered, not-for-profit, member-owned cooperative financial institution providing retail banking services to individuals and businesses in Western Kentucky. It offers deposit products (share checking, share savings, certificates, club accounts), consumer and business loans (auto, recreational, signature, share-secured, mortgages, HELOCs, credit cards), and digital banking channels (online banking, mobile app, debit cards, Zelle). The credit union was founded in June 1971 to serve employees of the B.F. Goodrich Chemical plant and now serves members across 13 Western Kentucky counties.

Product overview

Lake Chem Community Federal Credit Union operates as a not-for-profit cooperative offering a comprehensive suite of financial products and services. The core banking platform centers on deposit products (Share Checking, Share Savings, Certificates) and lending products (Auto Loans, Recreational Loans, Credit Cards, Mortgage products, Personal Loans). The product portfolio includes specialized savings accounts (Kids Club, Vacation Club, Christmas Club) targeting specific saving goals, and business banking accounts (Business Share Checking, Business Share Savings). Digital services are delivered through an Online Banking platform and mobile app (powered by Fiserv), with integrated Zelle peer-to-peer payments and digital wallet support (Apple Pay, Samsung Pay, Google Pay). Additional offerings include TruStage Insurance products. The institution serves Western Kentucky through multiple branch locations.

Differentiator

Problem solved

Functional benefit

Products and services

• Share Checking Account A transactional deposit account for individual members that provides checking functionality with dividends, debit card access, and online/mobile banking.
• Share Savings Account A member share savings account earning dividends, which establishes the member ownership relationship with the credit union.
• Share Certificates (CDs) Term deposit accounts that earn a fixed dividend rate for a set term, providing members with a higher-yield savings option.
• Kids Club Account A youth savings account designed for minors that encourages saving habits from an early age.
• Vacation Club Account A goal-based savings account that allows members to set aside funds specifically for vacation expenses.
• Christmas Club Account A goal-based savings account that allows members to accumulate funds for holiday and year-end spending.
• Business Share Checking A transactional deposit account tailored for small business members, providing business checking functionality.
• Business Share Savings A dividend-earning savings account for small business members to hold reserves and earn returns.
• Auto Loans Consumer installment loans used by members to finance the purchase of new or used vehicles.
• Recreational Loans Consumer installment loans used by members to finance recreational vehicles such as boats, motorcycles, and RVs.
• Credit Cards Revolving credit accounts that provide members with a flexible line of credit for everyday purchases and balance carry-over.
• Share Secured Loans Loans collateralized by the member's share savings balance, typically used to build or rebuild credit.
• Signature Loans Unsecured personal installment loans extended to members based on creditworthiness, without requiring collateral.
• Fixed Rate Mortgages Residential mortgage loans with a fixed interest rate over the life of the loan, used by members to purchase or refinance a home.
• Variable Rate Mortgages Residential mortgage loans whose interest rate adjusts over time, used by members to purchase or refinance a home.
• Home Equity Line of Credit (HELOC) A revolving credit line secured by the equity in the member's home, used for home improvements, debt consolidation, or other borrowing needs.
• Online and Mobile Banking Self-service digital banking channels that let members view balances, transfer funds, pay bills, deposit checks, and manage accounts from web and mobile devices.

Quantifiable outcome

• Quick loan approvals - often same or next day
• +2 more outcomes

Named customers3 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

Integration6 records

Partnerships

Five partnerships are on record, tiered minor and core.

• Cuna Mutual GroupminorGTM or Marketing PartnerJoint marketing partner for additional financial products and services. Listed in privacy statement as part of joint marketing arrangements.
• ZellecoreTechnology or IntegrationPartnership to bring fast and easy person-to-person money transfer service. Zelle integrated into online banking and mobile app, allowing members to send and receive money directly from accounts.
• TruStage InsuranceminorGTM or Marketing PartnerInsurance products offered through TruStage, accessible via org identifier for Lake Chem members.
• FiservcoreTechnology or IntegrationCore banking technology provider powering online banking, mobile app, and account management systems. Mobile app available on Apple App Store and Google Play.
• MastercardcoreTechnology or IntegrationDebit card network partnership. All debit cards are Mastercard-branded, accepted in US and 210+ countries with EDM chip and contactless pay.

Scale indicators2 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• Old National Bank: Evansville, Indiana-headquartered regional bank with significant Western Kentucky branch presence offering consumer, mortgage, and small-business banking. Comparable to Lake Chem as a competing retail banking provider across the same Western Kentucky geography, though at much larger scale.
• Commonwealth Credit Union: Frankfort/Lexington, Kentucky-headquartered credit union operating across a much larger Kentucky footprint with full consumer, mortgage, and business banking. Comparable to Lake Chem as a Kentucky credit union but materially larger with broader geographic reach and product depth.
• PNC Bank: Top-five U.S. retail bank with branches and digital banking across Kentucky including Western Kentucky. Comparable to Lake Chem as a competing deposit-taking, consumer-lending, and mortgage provider in the same Western Kentucky market, though vastly larger with national scale.

Direct peers

• Kentucky Employees Credit Union: Frankfort, Kentucky-based community credit union serving state employees and surrounding counties with full-service consumer and mortgage products. Comparable to Lake Chem as a Kentucky community-chartered FCU of similar scale and product scope.
• Fort Knox Federal Credit Union: Kentucky-headquartered community-chartered federal credit union serving military and civilian members in the Fort Knox region. Comparable to Lake Chem as a similarly-sized Kentucky community FCU with consumer deposits, lending, and digital banking offerings.
• Park Community Federal Credit Union: Louisville, Kentucky-based community federal credit union offering consumer deposits, mortgages, and small-business banking. Directly comparable to Lake Chem as a Kentucky community FCU operating in a defined geographic field of membership with a similar product mix.
• University of Kentucky Federal Credit Union: Lexington, Kentucky-based community federal credit union serving the UK community and surrounding Central Kentucky counties. Comparable to Lake Chem as a Kentucky community-chartered FCU offering deposits, consumer lending, mortgages, and digital banking.
• L&N Federal Credit Union: Louisville, Kentucky-headquartered community federal credit union serving members across multiple counties with deposits, consumer loans, mortgages, and business banking. Closely comparable to Lake Chem in business model, charter type, and product breadth.

Regional players

• Independence Bank of Kentucky: Owensboro, Kentucky-based community bank serving Western Kentucky with consumer and business banking products. Comparable to Lake Chem as a Western Kentucky community-focused deposit and lending institution competing for the same retail and small-business customers.
• First Financial Bank: Cincinnati-based regional bank with operations across Kentucky, Ohio, and Indiana including Western Kentucky markets. Comparable to Lake Chem as a competing consumer and small-business banking provider in the same regional footprint, though larger and more diversified.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/lakechemfcu
• Instagraminstagram.com/lakechemfcu
• LinkedInlinkedin.com/company/lake-chem-community-federal-credit-union

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 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 Lake Chem Community Federal Credit Union