Lake Superior Credit Union

What Lake Superior Credit Union does

Lake Superior Credit Union (LSCU) is a member-owned financial cooperative headquartered in Ontonagon, Michigan, operating under a National Credit Union Administration charter since its founding in 1959. Its field of membership is legally restricted to residents, workers, and family members in Ontonagon County, Michigan, a rural county in Michigan's Upper Peninsula with a population of roughly 5,800. The institution offers a full suite of consumer banking products: deposit accounts (Regular Savings at 0.15% APY, Share Draft checking at 0.00% APY, Share Certificates at 0.15%–0.25% APY, Christmas Club at 0.15% APY), consumer lending (new vehicles at 4.75% APR, used vehicles 5.00%–7.00% APR, recreational vehicles 5.99%–7.99% APR, debt consolidation and secured loans at 8.00% APR, unsecured signature loans at 10.00% APR, single payment notes at 15.00% APR, revolving credit at 10.00% APR, and seasonal Christmas loans at 8.99% APR), as well as credit cards, ATM/debit cards, and student loan access through a Sallie Mae channel partnership.

The credit union's technology stack is commodity and minimal: the HomeCU internet teller platform handles online banking with a five-attempt automatic lockout, a basic loan calculator supports monthly, bi-weekly, and weekly amortization estimates, and a loan application portal at my.homecu.net supports digital origination. Member-facing security is augmented by the third-party Brella debit card protection app, and estate planning is offered through the Trust & Will partnership distributed via the Love My Credit Union marketing network. The credit union operates from a single location (P.O. Box 38, Ontonagon, MI; Routing/ABA 291173128) and reports a headcount in the 11–50 range. There are no disclosed subsidiaries, no parent company, and no external equity ownership consistent with the cooperative structure.

Revenue is generated primarily through net interest income on the consumer loan book, supplemented by transactional fees (share draft $3.50/month, overdraft $30, stop payment $30, ATM/debit card $5/month, returned items $10, outgoing wires $25, garnishment $40 plus costs, research $10/quarter hour, and various ancillary fees) and modest recurring deposit balances. Distribution is direct-to-member through online self-service and in-person service, with no commercial or institutional banking segment and no disclosed expansion outside Ontonagon County.

Name

Lake Superior Credit Union

Legal name

Lake Superior Credit Union

Website

https://lscu.virtualcu.net

Company type

Private

Founded year

1959

Operating status

Operating

Headcount range

11–50 employees

Short description

Lake Superior Credit Union is a member-owned credit union founded in 1959 and headquartered in Ontonagon, Michigan, serving residents, workers, and families of Ontonagon County with consumer deposit accounts, vehicle and personal loans, credit cards, and digital banking.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213)

SIC

Savings Institution, Federally Chartered (6035)

akta.pro primary industry

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

akta.pro secondary industry

Bank & Credit Union Personal Loans (Unsecured Installment) (FSAKAAAL)

Keywords

• Credit union banking
• Consumer lending
• Share savings accounts
• Vehicle loan financing
• Share certificates

Headquarters

HQ city

Miusinsk

HQ country

Ukraine

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Loans: Primary revenue from issuing loans including vehicle loans (new/used), recreational vehicle loans, unsecured loans, debt consolidation loans, and Christmas loans. Interest rates vary by loan type with APRs ranging from 4.75% (new vehicle) to 15% (single payment notes).
2. Deposit Account Fees: Monthly and per-transaction fees including share draft fees ($3.50/month), overdraft fees ($30), stop payment fees ($30), ATM/debit card fees ($5/month), returned item fees ($10), and various other service charges.
3. Share Account Requirements: Members required to maintain a regular share account with $5 minimum balance. $5 par value required alongside $500 minimum for certificates of deposit.
4. Wire and Miscellaneous Fees: Fees for outgoing wires ($25), incoming wires ($5), money orders ($2), share draft copies ($2), garnishment/levy fees ($40 plus costs), research fees ($10/quarter hour), credit union checks ($3), card replacements ($7), and PIN replacements ($3).

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels3 records

Core offering

Lake Superior Credit Union is a member-owned credit union providing personal banking products and lending services to residents and workers of Ontonagon County, Michigan. It offers deposit products (regular savings, share draft checking, share certificates, Christmas Club) and consumer loans (new and used vehicle, recreational vehicle, unsecured signature, debt consolidation, secured, single-payment notes, revolving credit, and Christmas loans), supplemented by partner-sourced student loans, credit cards, and estate planning tools.

Product overview

Lake Superior Credit Union operates as a single-institution credit union offering a unified suite of financial products and services centered around traditional banking and lending. The core offerings include deposit accounts (checking/savings, certificates, Christmas Club), lending products (vehicle loans, recreational loans, personal loans, debt consolidation, credit cards), and supplementary services (student loans via Sallie Mae partnership, estate planning via Trust & Will partnership). The institution also provides digital banking tools including online banking access, loan application portals, and loan calculators. All services are accessed through the credit union's website at lscu.virtualcu.net, with membership limited to those living or working in Ontonagon County, Michigan.

Differentiator

Problem solved

Functional benefit

Products and services

• Regular Savings Account
• Share Draft (Checking) Account
• Share Certificate Accounts (CDs)
• Christmas Club Account
• New and Used Vehicle Loans
• Recreational Vehicle Loans
• Unsecured Signature Loans
• Debt Consolidation Loans
• Secured Loans
• Single Payment Notes
• Revolving Credit (Open End)
• Christmas Loans
• Student Loans (Sallie Mae Partnership)
• Credit Cards
• ATM/Debit Cards
• Online Banking (HomeCU)
• Trust & Will Estate Planning

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Two partnerships are on record, tiered minor.

• Sallie MaeminorChannel Partner/ Reseller/ DistributorLake Superior Credit Union has partnered with Sallie Mae to provide student loan products for members. The partnership enables members to access education financing through Sallie Mae's platform by redirecting members to the Sallie Mae website for applications.
• Love My Credit UnionminorGTM or Marketing PartnerMarketing partnership with Love My Credit Union organization for promoting Trust & Will estate planning services and other financial products to members.

Scale indicators1 record

Recent moves6 records

Expansion highlights4 records

Regional players

• Range Bank: Community bank serving the Upper Peninsula and northern Michigan with deposit and consumer lending products. Comparable as a community-focused Michigan depository institution competing in the same regional market.

Others

• Sallie Mae: Specialist student loan provider partnered with Lake Superior to deliver education financing. Included because Lake Superior directs members to Sallie Mae for student loans, making it both a partner and a direct competitor for that product line.

Broad incumbents

• Michigan State University Federal Credit Union: Large Michigan-based affinity/employer-chartered credit union with full consumer banking and lending offerings. Comparable as a Michigan credit union, though much larger and employer-focused.
• Lake Michigan Credit Union: Michigan's largest credit union with broad consumer and mortgage lending. A scaled Michigan credit union serving overlapping state geography, representing the competitive ceiling for community-charter peers.
• Ally Bank: Digital-first national bank with competitive deposit rates and auto lending. Comparable as a competitor for online banking relationships and vehicle loan products within Lake Superior's membership.

Direct peers

• Tahquamenon Area Credit Union: Community credit union serving Michigan's Upper Peninsula with a similar geographic membership model and consumer deposit/lending focus. Directly comparable small UP credit union serving a rural, county-restricted membership.
• Baraga County Federal Credit Union: Small Upper Peninsula community credit union serving Baraga County residents with deposit and consumer loan products. Closely comparable rural community credit union with a similar narrow geographic charter.
• UP State Credit Union: Upper Peninsula-based credit union offering consumer banking and lending to members across multiple UP counties. Directly comparable Michigan-based community credit union operating in the same geography.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks4 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/Lake-Superior-Credit-Union-101209964988440
• LinkedInlinkedin.com/company/mercy-federal-credit-union

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 Superior Credit Union