Lake Huron Credit Union

What Lake Huron Credit Union does

Lake Huron Credit Union is a not-for-profit, member-owned cooperative financial institution founded in 1959 as Teamsters Local 486 Credit Union and headquartered in Saginaw, Michigan. It is federally insured by the National Credit Union Administration (NCUA) and holds Community Development Financial Institution (CDFI) certification, serving individual members and households across Saginaw, Bay, and Midland Counties through three branch locations: Saginaw (main), Saginaw Township, and Bay City. The institution operates with 11–50 employees and reports assets over $46 million, placing it in the smallest NCUA asset-size peer cohort.

Name

Lake Huron Credit Union

Legal name

Lake Huron Credit Union

Website

https://lhcu.org

Company type

Private

Founded year

1959

Operating status

Operating

Headcount range

11–50 employees

Short description

Lake Huron Credit Union is a member-owned, NCUA-insured CDFI serving individuals and households in Saginaw, Bay, and Midland Counties, Michigan through three branches and a digital banking platform offering deposits, consumer loans, mortgages, HELOCs, and credit cards.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Depository Credit Intermediation (5221)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

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

akta.pro secondary industries

Faith-Based & Affinity Credit Unions (FSABAEAH), Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Retail banking services
• Consumer lending products
• Credit union membership
• Deposit account services
• Mortgage and auto loans

Headquarters

HQ city

Saginaw

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Loans: Primary revenue from interest charged on mortgage loans, auto loans, personal loans, credit cards, and home equity loans. Competitive rates offered as low as 4.49% APR for auto loans, 5.50% APR for mortgages, 9.90% APR for credit cards.
2. Service Fees: Various fees including Courtesy Pay fees ($27 per item), overdraft transfer fees ($5 per item), debit card payment fees (in-branch $5, phone 3%), ACH payment fees ($5), stop payment fees, and safe deposit box rentals ($25-$100/year)
3. Share/Dividend Income: Interest paid to members on deposits including savings, money market accounts, CDs, and IRAs. Rates vary from 0.00% APY on balances under $1,000 to 4.06% APY on 12-month youth CDs.
4. Insurance Referrals: Partnership with TruStage Insurance Agency providing auto and home insurance to members, with credit union receiving compensation for referrals

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels8 records

Core offering

Lake Huron Credit Union is a member-owned cooperative financial institution providing retail banking products and consumer lending to residents of Michigan's Saginaw, Bay, and Midland Counties. Its core offering spans deposit accounts (savings, checking, money market, CDs, IRAs, HSAs), consumer loans (auto, personal, mortgage, home equity), a VISA Platinum credit card, and digital banking through the "It's Me 24/7" online platform and LHCU mobile app. Complementary services include safe deposit boxes and partner-referred insurance products through TruStage.

Product overview

Lake Huron Credit Union operates as a traditional credit union offering a comprehensive suite of financial products and services. The core banking platform consists of It's Me 24/7 online and mobile banking, complemented by the LHCU Mobile App for account access and Remote Deposit Capture. Deposit products include Prime Share Savings, Side Share Savings, Money Market Accounts, Certificates of Deposit (including IRA CDs), and youth accounts (Dolly Bill Club and Teen's Club). Loan offerings encompass Vehicle Loans, Personal Loans, Shared Secured Loans, Mortgages (Balloon and Fixed Rate), Home Equity Loans, and the LHCU Visa Platinum Rewards credit card. Additional services include Safe Deposit Boxes, TruStage Insurance, Contactless Payment integration (Apple Pay, Google Pay, Samsung Pay), and Card Controls for fraud protection. The institution also offers promotional programs like 90 Day No Pay for vehicle financing.

Differentiator

Problem solved

Functional benefit

Products and services

• It's Me 24/7 Online Banking Web-based and mobile online banking platform providing 24/7 access to deposit accounts, bill pay, eStatements, account-to-account transfers, and loan applications for LHCU members.
• LHCU Mobile App Official mobile banking application enabling account access, balance viewing, fund transfers, bill payment, loan applications, Remote Deposit Capture, and card controls for LHCU members on iOS and Android devices.
• Checking Account (Share Draft) Free checking account with no monthly service fee, no per-check charges, no minimum balance requirement, unlimited debit and ATM withdrawals, and optional Courtesy Pay overdraft protection for everyday banking.
• Prime Share Savings Account Primary share savings account that establishes and maintains credit union membership, requiring a $5 minimum deposit and earning tiered dividends calculated on the average daily balance and paid quarterly.
• Side Share Savings Account Additional share savings account with no minimum balance requirement and unlimited deposits and withdrawals, intended for budgeting alongside the primary Prime Share account.
• Money Market Account Tiered money market savings account requiring a $2,500 minimum deposit, with dividend rates ranging from 0.50% APY to 1.51% APY depending on balance tier.
• Certificates of Deposit (CD) Fixed-rate certificates of deposit with terms from 6 to 60 months, a $500 minimum deposit (or $100,000 for Jumbo CDs), and APYs up to 4.06% including dedicated youth and jumbo tiers.
• Individual Retirement Account (IRA) Tax-advantaged retirement savings share account with no minimum deposit, higher dividends than standard savings, and funding via mail deposit, payroll deduction, or automatic transfer.
• IRA Certificate of Deposit Fixed-rate IRA certificate of deposit with a $500 minimum deposit, used for tax-advantaged retirement savings planning.
• Health Savings Account (HSA) Tax-advantaged Health Savings Account for medical expenses, available to members enrolled in high-deductible health insurance plans and accessed through the LHCU Mastercard Debit Card.
• Christmas/Holiday Club Account Club savings account designed to help members set aside funds throughout the year for holiday expenses.
• Vacation Club Account Club savings account earmarked for vacation expenses, with dividend rates matching the Prime Share Savings rates.
• Dolly Bill Club (Kid's Club) Account Youth savings account for children ages 0-12 with a $5 minimum opening deposit, a welcome rubber duck and coloring book, and a Report Card Rewards program to encourage early saving habits.
• Teen's Club Account Teen savings account for ages 13-17 providing online and mobile banking access and eligibility for LHCU scholarship programs.
• Vehicle Loans Consumer loans for new and used automobiles, vans, trucks, boats, snowmobiles, ATVs, campers, and motorcycles, with rates as low as 4.49% APR, 100% financing, terms up to 84 months, and a 90-day no-payment option.
• Personal Loans Unsecured personal-purpose loans, including options aimed at members who want to establish or rebuild credit history, with no application fees.
• Shared Secured Loans Low-interest loans collateralized by the member's existing share savings, with the pledged funds released proportionally as the loan balance is paid down.
• Mortgages Home mortgage products including Balloon Mortgages (5.75% APR) and Fixed Rate Mortgages (5.50% APR for 10- and 15-year terms), with no PMI on in-house products and down payments as low as 3%, serviced entirely in-house.
• Home Equity Loans Home equity loans for home improvements, repairs, or debt consolidation, with funds available in as few as 3 weeks.
• LHCU VISA Platinum Rewards Card Credit card with no annual fee and no hidden fees, rates as low as 9.90% APR, 1 point per dollar spent on purchases redeemable for merchandise, travel, gift cards, or cash back, plus included $1,000,000 Travel Accident Insurance.
• Safe Deposit Boxes Secure storage boxes available at the Bay City Branch in five sizes from 3x5 to 10x10, with annual rental fees ranging from $25 to $100.
• TruStage Insurance Partner-distributed auto and home insurance program delivered through TruStage Insurance Agency, offering member discounts, 24/7 claims assistance, and roadside assistance.

Quantifiable outcome

• Auto loan rates as low as 4.49% APR
• +3 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature4 records

Partnerships

Four partnerships are on record, tiered core.

• TruStage Insurance AgencycoreGTM or Marketing PartnerTruStage Insurance Agency provides auto and home insurance products to LHCU members through the TruStage Auto & Home Insurance Program. Products are made available to credit union members through TruStage Insurance Agency, which has been providing insurance services to credit unions for over 80 years, serving more than 16 million credit union members. LHCU receives compensation for insurance referrals made through the program.
• CO-OP Credit UnionscoreChannel Partner/ Reseller/ DistributorCO-OP Credit Unions provides access to the CO-OP ATM locator network and shared branching services. This partnership allows LHCU members to access fee-free ATM withdrawals and conduct transactions at other credit union branches nationwide.
• It's Me 24/7coreTechnology or IntegrationOnline and mobile banking platform provider used by LHCU for 24/7 account access, transfers, bill pay, eStatements, and loan applications.
• Teamsters Local 486coreStrategic or Co-development PartnerLabor union partnership originally established when LHCU was founded as Teamster's Local 486 Credit Union in 1959. Union members remain eligible for credit union membership and services.

Scale indicators4 records

Recent moves8 records

Expansion highlights4 records

Direct peers

• Frankenmuth Credit Union: Michigan-based community credit union serving the Saginaw/Frankenmuth region with similar retail deposit and loan products (auto, mortgage, credit cards). Comparable in size, member-owned structure, and community focus, making it a direct local competitor.
• Team One Credit Union: Saginaw-area credit union with shared auto-industry and Michigan community roots. Offers comparable deposit accounts, vehicle loans, and mortgages, and overlaps LHCU's field of membership geography.
• Financial Plus Credit Union: Michigan-headquartered community credit union offering similar deposit, lending, and digital banking products. Slightly larger but operates with the same community-credit-union playbook of competitive rates and personalized service.

Regional players

• DFCU Financial: Michigan-based credit union serving a broader geography than LHCU with similar community-banking products. Comparable in business model but materially larger, providing a useful size benchmark.

Broad incumbents

• Lake Michigan Credit Union: Michigan's largest credit union with statewide presence and a comprehensive retail-banking and lending product set. Overlaps LHCU's core deposit/loan categories but operates at vastly greater scale with deeper digital capabilities.
• Michigan State University Federal Credit Union: Large Michigan-headquartered credit union with broad retail and digital banking services. Comparable product offering (deposits, auto, mortgage, credit cards) but serves a much wider geography and member base than LHCU.
• Huntington National Bank: Large regional commercial bank with deep Michigan branch presence competing for the same retail deposits, mortgages, and auto loans as LHCU. Differentiates by scale and product breadth rather than community focus.

Emerging players

• Consumers Cooperative Credit Union: Midwest community credit union with a similar cooperative structure, deposit/loan mix, and digital banking platform approach. Comparable in community-credit-union positioning though operating in a different state.

Others

• CO-OP Financial Services: Core infrastructure and shared-branching provider for credit unions including LHCU. Relevant ecosystem peer because it powers the ATM locator and shared branching services LHCU relies on to extend reach.
• TruStage Insurance Agency: Insurance distribution partner serving credit unions including LHCU via the LoveMyCreditUnion.org program. Adjacent ecosystem participant that supplements LHCU's product offering through referral revenue.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/lakehuroncu
• Facebookfacebook.com/LakeHuronCU
• Instagraminstagram.com/lhcu_org
• TikToktiktok.com/@lakehuroncreditunion
• LinkedInlinkedin.com/company/lake-huron-credit-union

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

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 Huron Credit Union