Tahquamenon Area Credit Union

What Tahquamenon Area Credit Union does

Tahquamenon Area Credit Union is a member-owned financial cooperative headquartered in Newberry, Michigan, operating two branches (Newberry and Engadine) and serving members across Luce, Chippewa, and Mackinac counties and parts of Schoolcraft and Alger counties in Michigan's Upper Peninsula. Founded in 1955 and federally insured by the NCUA up to $250,000 per member, the credit union provides a full retail banking product set including share savings accounts, share draft checking, money market accounts, IRAs, and Christmas Club accounts, alongside a consumer lending suite covering new and used auto loans (from 4.75% APR), signature/personal loans (from 9.20% APR), recreational vehicle loans (ATVs, snowmobiles, boats, campers, motorhomes), mortgages (vacant land, home equity, fixed conventional, rural development), Visa credit cards (Classic at 11.90% APR, Preferred at 7.90% APR), and student loans offered in partnership with ISL Education Lending.

The institution operates its banking technology through the It's Me 247 online and mobile platform with native iOS and Android applications, supplemented by Remote Deposit Capture, Virtual Strongbox document exchange, E-Statements, A2A external transfers, and the MessagePay text- and web-based loan payment service. Members also gain nationwide transactional access through participation in the Co-op Shared Branching and Xtend Shared Branching networks, effectively extending reach beyond the two physical branches.

Revenue is generated primarily through net interest income on the consumer loan portfolio, supplemented by deposit account fees, Visa credit card interchange, and select electronic banking service fees (such as A2A transfers). Pricing is unit-based on individual loan products with rates and terms varying by collateral type and term length, subject to credit approval. The credit union relies on a community-led go-to-market motion, with member referrals and local presence driving membership growth within its defined field of membership, complemented by direct-to-consumer digital account opening through its website and mobile platforms.

Name

Tahquamenon Area Credit Union

Legal name

Tahquamenon Area Credit Union

Website

https://tacumi.com

Company type

Private

Founded year

1955

Operating status

Operating

Headcount range

1–10 employees

Short description

Tahquamenon Area Credit Union is a member-owned financial cooperative operating two branches in Michigan's Upper Peninsula, offering consumer banking and lending products (savings, checking, auto, mortgage, personal, recreational, and credit card loans) to members within a defined geographic field of membership.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Credit Unions (52213)

SIC

Savings Institution, Federally Chartered (6035), Personal Credit Institutions (6141)

akta.pro primary industry

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

Keywords

• Retail banking services
• Consumer lending
• Credit union services
• Mortgage lending
• Savings accounts

Headquarters

HQ city

Newberry

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 stream from interest charged on various loan products including auto loans, mortgages, personal loans, credit cards, and recreational vehicle loans. Interest rates vary by product type and term length.
2. Deposit Account Fees: Fees generated from share draft (checking) accounts including potential monthly service fees, minimum balance requirements, and ATM transaction fees. Some fee-based services like Account-to-Account (A2A) transfers.
3. Credit Card Interchange: Revenue from Visa credit card transactions including interchange fees on Classic Visa and Preferred Visa card products.
4. Electronic Banking Services: Free basic services (online banking, e-statements, bill pay, mobile app) with potential fees for premium services like A2A transfers.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

Tahquamenon Area Credit Union is a member-owned financial cooperative that provides retail banking and consumer lending products to residents of Michigan's Upper Peninsula. Its core offerings include share (savings) accounts, share draft (checking) accounts, and a full range of consumer loans including auto, signature/personal, recreation, mortgage, credit card, and student loan products. Members access these products through two physical branches, the It's Me 247 online and mobile banking platform, and shared branching networks.

Product overview

Tahquamenon Area Credit Union offers a comprehensive suite of financial products and services through a single, unified credit union model. The core offerings include share savings accounts (Primary Shares, IRAs, Money Markets, Christmas Clubs), share draft checking accounts, and a full range of lending products including auto loans, signature loans, recreation/vehicle loans, mortgages, credit cards, and student loans. Electronic services including It's Me 247 online/mobile banking, E-Statements, bill payment, P2P transfers, and the MessagePay text payment service are integrated into the core banking experience. Shared branching networks (Xtend and Co-op) extend accessibility beyond branch locations.

Differentiator

Problem solved

Functional benefit

Products and services

• Share (Savings) Accounts Federally NCUA-insured share savings products for individual members, including Primary Shares, IRA Individual Retirement Accounts, Education IRAs, Money Markets, and Christmas Clubs. Designed for residents, workers, retirees, and property owners in TACU's Upper Peninsula service area who want a federally insured savings relationship.
• Share Draft (Checking) Accounts Checking account for individual members with no minimum balance after an initial 5-10 business day period, a low monthly service fee option, a No Fee Checking variant, monthly dividends, 24-hour ATM access, and MasterCard debit cards.
• Auto Loans New and used vehicle loans for individual members at rates as low as 4.75% APR for terms up to 84 months, with both new auto and used auto/motorcycle variants.
• Signature (Personal) Loans Unsecured personal loans for individual members with rates starting at 9.20% APR on 36-month terms and 11.20% APR on 60-month terms.
• Recreation Loans Loans financing recreational vehicles including new and used ATVs, ORVs, snowmobiles/snowsleds, boats, campers, travel trailers, and motorhomes, with APRs from 5.5% to 6.5% depending on vehicle type, term length, and new/used status.
• Mortgages Home financing for individual members including vacant land loans, home equity loans, 10/15/20/30 year fixed conventional loans, and rural development loans, with pre-approval options.
• Visa Credit Cards Individual credit card products including Classic Visa at 11.90% APR and Preferred Visa at rates as low as 7.90% APR, both with no annual fees and no balance transfer fees.
• Student Loans Private student loans and student loan refinance options offered to members through a referral partnership with ISL Education Lending, a nonprofit lender, including loans for college students, parent loans, and multiple refinance options.
• It's Me 247 Online and Mobile Banking Free electronic banking platform providing 24-hour account access, bill payment, P2P transfers, and a native mobile app for iOS and Android to individual members.
• MessagePay Loan payment service allowing members to make payments via text message, the website, online banking, or the mobile banking app from any external account.
• E-Statements Free electronic statement delivery service for individual members' account documents.
• A2A (Account to Account) Transfers Electronic transfer service that enables members to move funds between accounts at different financial institutions, subject to applicable fees.

Segments3 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

Feature5 records

Partnerships

Three partnerships are on record, tiered minor.

• ISL Education LendingminorStrategic or Co-development PartnerTahquamenon Area Credit Union partners with ISL Education Lending, a nonprofit organization, to offer private student loans and student loan refinance options to members. ISL provides loans for college students, parent loans, and multiple refinance options. The credit union receives compensation for referrals of student loan customers.
• Co-op Shared BranchminorChannel Partner/ Reseller/ DistributorPartnership with Co-op Shared Branch network providing members access to branch services and ATMs at thousands of locations nationwide. Enables members to conduct transactions at participating credit unions.
• Xtend Shared BranchingminorChannel Partner/ Reseller/ DistributorXtend Shared Branching network partnership enabling members to access branch locations near them through the credit union's website search tool.

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• DFCU Financial: Michigan-headquartered credit union offering full consumer banking, mortgage, and member services statewide. Comparable as a Michigan credit union with similar product breadth and member-owned cooperative model, but significantly larger in scale.
• Lake Michigan Credit Union: Michigan's largest credit union offering retail deposits, mortgages, and consumer lending across the state. Comparable as a Michigan-based credit union offering similar products and member-owned structure, but with vastly larger scale and broader geographic reach.
• MSU Federal Credit Union: Michigan State University-affiliated credit union with membership extended across Michigan communities. Comparable as a Michigan credit union offering similar consumer deposit and lending products within a member-owned cooperative structure.
• Huntington National Bank: Large regional bank with significant Michigan and Midwest footprint. Comparable as a Michigan-based depository institution offering similar consumer banking, lending, and digital services, though operating as a for-profit bank rather than a cooperative.

Regional players

• Wildfire Credit Union: Michigan-based community credit union offering consumer loans, deposits, and digital banking services. Comparable as a Michigan community credit union with overlapping product suite and member-owned cooperative philosophy.
• Honor Credit Union: Michigan-based community credit union serving southwest and northern lower Michigan. Comparable as a community credit union offering similar retail banking products and member-owned model, but operating in different counties at a larger scale.

Direct peers

• Consumers Cooperative Credit Union: Mid-sized community credit union offering retail deposits, consumer loans, and digital banking. Comparable as a community-based credit union with similar member-owned cooperative model and product mix, though serving a different Midwestern region.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/148853675929110

Compliance1 record

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 Tahquamenon Area Credit Union