Southern Lakes Credit Union

What Southern Lakes Credit Union does

Southern Lakes Credit Union (SLCU) is a state-chartered, member-owned financial cooperative that provides consumer and small-business banking products to individuals, families, and organizations across southeastern Wisconsin and northeastern Illinois. Founded in 1935 as Kenosha Teacher's Credit Union and rebranded in 1982 after a series of consolidations, the institution operates under a community charter that defines its field of membership across six Wisconsin counties (Kenosha, Racine, Walworth, Milwaukee, Rock, Waukesha) and two Illinois counties (Lake, McHenry). Its core product set spans membership share accounts; personal, business, and organizational checking; a layered savings suite (Holiday Club, Summer Club, money market, youth, HSA, IRA, and term share certificates); and a full lending menu including auto, mortgage, HELOC, lifestyle/signature, recreational, share-secured, short-term cash, and student loans. The franchise also offers credit cards and TruStage-branded insurance products (GAP, mechanical breakdown protection, and debt protection), distributing them through three physical branches — the 60th Street headquarters in Kenosha, the 80th Street Kenosha branch, and the Elkhorn branch — supplemented by access to more than 6,800 shared branching locations and 5,000 fee-free ATMs via the CO-OP shared network.

SLCU generates revenue primarily through net interest margin on its loan portfolio, interchange and fee income from credit cards, and ancillary fees from insurance and member services. Pricing follows cooperative norms: a one-time membership share purchase, market-rate deposits, and competitive loan-rate spreads. Technology infrastructure is in active transition, with the institution migrating from the NetTeller online banking platform to the Access Digital platform during 2025, signaling commitment to modernizing member-facing digital channels. The credit union is federally insured by the NCUA's National Credit Union Share Insurance Fund, holds a Low Income designation awarded in 2018 (which expands access to supplemental capital and grant programs), and operates with a lean staff of 11-50 employees — a footprint typical of community-chartered cooperatives that rely on shared infrastructure rather than dense proprietary distribution.

The institution's strategic posture reflects nine decades of consolidation and community focus rather than aggressive growth. It emerged from four historical mergers (WAL-CO in 1982, Sunnyside in 1989, Victory in 1993, and Kenosha News in 1994) and broadened its community charter in 2003 to encompass its current eight-county service area. There are no recent acquisitions, partnerships, or expansion announcements beyond the digital platform migration, and no AI, fintech, or capital-raising activity is disclosed. The business model is fundamentally a long-tail retail member franchise with diversified consumer lending and stable deposit-gathering operations.

Name

Southern Lakes Credit Union

Legal name

Southern Lakes Credit Union

Website

https://southernlakescu.org

Company type

Private

Founded year

1935

Operating status

Operating

Headcount range

11–50 employees

Short description

Southern Lakes Credit Union is a member-owned community credit union founded in 1935 that provides consumer and business banking, lending, and insurance products across six Wisconsin and two Illinois counties through three branches and shared network access.

Ownership category

akta.pro rank

Product category

Retail Banking (Community Credit Union)

NAICS

Credit Unions (522130)

akta.pro primary industry

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

akta.pro secondary industry

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

Keywords

• Retail banking services
• Consumer lending
• Mortgage lending
• Community credit union
• Member banking

Headquarters

HQ city

Kenosha

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: The primary revenue source for the credit union comes from interest earned on loans including auto loans, mortgages, HELOCs, personal loans, recreational loans, and credit cards. This represents the traditional core banking revenue stream.
2. Fee-based Services: Revenue generated from various account fees including overdraft fees, returned draft fees ($35/item), deposit item return fees ($35/item), monthly maintenance fees ($15/month for business checking), coin counting fees (5% for business), rolled coin fees ($0.05/roll), stop payment fees, and notary fees.
3. Insurance Products: The credit union offers GAP insurance, Mechanical Breakdown Protection (MBP), and Debt Protection products through a partnership with TruStage, generating additional revenue streams from these optional protection products.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels5 records

Core offering

Southern Lakes Credit Union is a member-owned financial cooperative that delivers retail banking products to community members, including checking and savings accounts, certificates of deposit, IRAs, HSAs, consumer and vehicle loans, mortgages and home equity lines of credit, credit cards, and ancillary services such as safe deposit boxes, coin counting, notary, and optional insurance/protection products. Membership is restricted to residents, workers, and select affiliated groups in six Wisconsin counties and two Illinois counties, with access extended nationally through shared branching and ATM partnerships.

Product overview

Southern Lakes Credit Union is a member-owned financial cooperative offering a comprehensive suite of banking products and services. The core offerings include Membership Share Account (establishing ownership), Personal Checking with $200 Kwik Cash overdraft protection, Business Checking, and various Savings accounts (Holiday Club, Summer Savings, Money Market, Youth Accounts, HSA, IRA, and Term Share Certificates). Loan products span Auto Loans, Lifestyle Signature Loans, HELOC, Recreational Loans, Share Secured Loans, Short-Term Cash, Student Loans, and Mortgages with both fixed and adjustable rate options. Credit card services, insurance products through TruStage (Mechanical Breakdown Protection, GAP Plus, Debt Protection), and additional services like Safe Deposit Boxes, Coin Counting, Notary Public, and Cash Advances complete the portfolio. The institution recently transitioned to Access Digital for online and mobile banking, replacing the legacy NetTeller platform.

Differentiator

Problem solved

Functional benefit

Brands

• Sandy Dollar: Youth savings mascot - the Savings Sanderling who encourages youth to save money
• Maurice Coin
• Carl Heart

Products and services

• Membership Share Account Primary savings account that establishes membership/ownership in the credit union. Features a $5.00 minimum balance, quarterly dividends on balances of $100 and greater, and unlimited deposits and withdrawals.
• Personal Checking Personal membership checking account with debit card access, free online account access, no per-check fee, unlimited deposits and withdrawals, and a $200 Kwik Cash Line of Credit for overdraft protection.
• Business Checking Business checking account for sole proprietorships, LLCs, and corporations with unlimited deposits and withdrawals, transparent fee structure including $35 returned drafts, $35 deposit items returned, and $15 monthly maintenance.
• Organizational Checking Checking account designed for clubs, non-profits, social organizations, and community organizations to manage their finances.
• Money Market Savings Tiered dividend savings account for higher balances with monthly dividend payments and competitive rates that increase with higher account balances.
• Holiday Club Account Savings account designed for holiday expenses with automatic fund transfer on November 1st, no minimum balance, and annual dividends on balances of $100 and greater.
• Summer Savings Account Seasonal savings account with funds locked from September to May for summer spending, with quarterly dividends on balances of $100 and greater.
• Term Share Certificates Certificate of deposit products requiring a $500 minimum deposit with various term lengths that earn higher dividends than regular savings accounts.
• Individual Retirement Account (IRA) Retirement savings accounts including Traditional and Roth IRA options with tax-advantaged savings and quarterly dividends on balances of $500 and greater.
• Health Savings Account (HSA) Tax-advantaged health savings account for individuals with high-deductible health plans to pay for qualified out-of-pocket medical expenses.
• Youth Account (Ages Birth to 12) Savings account for children with $5 initial deposit from the credit union, dividends earned on balances of $5 and greater, and annual birthday cards with surprises.
• Auto Loans Vehicle financing for new and used automobiles, trucks, and SUVs with flexible terms up to 84 months, low rates, and local decision-making with same-day approvals typically available.
• Recreational Loans Financing for recreational vehicles including motorcycles, RVs, ATVs, water sports equipment, and boats.
• Lifestyle Signature Loans Signature loans for debt consolidation allowing borrowers to lock in a single competitive rate and roll multiple payments into one simplified payment.
• Share Secured Loans Loans secured by the member's existing savings account, offering a way to build credit while earning dividends on savings.
• Short-Term Cash Short-term cash advance loans for members needing immediate funds between paychecks.
• Home Equity Line of Credit (HELOC) Revolving credit line secured by home equity with rates as low as 5.99% APR, allowing funds to be used for home improvements, school expenses, debt payoff, or vacations.
• Mortgages Home mortgage lending including purchase and refinancing options, with up to 100% financing available for first-time homebuyers, active military, and veterans. Offers both fixed and adjustable rate options including 3/1, 5/1, 7/1, and 10/1 ARMs.
• Student Loans Student loan products offered through Student Choice partnership for college financing and educational expenses.
• Credit Cards Credit cards featuring EMV smart chip technology for added security and mobile purchasing capability for convenience.
• Access Digital Online & Mobile Banking Member-centric online and mobile banking platform replacing NetTeller in 2025, offering debit card controls, Bill Pay, account management, and secure messaging with one login accessing all accounts linked to member's SSN.
• Telephone Network Teller Phone-based banking service available 24/7 at 800-924-1TNT for account balance inquiries, history, transfers, payments, and PIN changes.
• GAP Plus with Deductible Assistance Optional debt cancellation product that helps cover the gap between what is owed on a vehicle loan and what auto insurance will pay in case of total loss due to accident or theft.
• Mechanical Breakdown Protection (MBP) Vehicle service contract covering unexpected mechanical or electrical failures after factory warranty expires, featuring $0 deductible, nationwide coverage, 24/7 roadside assistance, and rental car allowance.
• Debt Protection with Life Plus Optional loan protection that may cancel loan balance or payments in the event of involuntary unemployment, disability, or death, providing financial security for families.
• Safe Deposit Boxes Secure safe deposit boxes available at Elkhorn and 60th Street locations in 5 different sizes with annual fees ranging from $20 to $60.
• Coin Counting Free coin counting service for members counting their personal change, with a low fee charged to business members based on total coin value counted.
• Free Notary Public Complimentary notary public service available at all Southern Lakes Credit Union locations for members with non-expired government-issued photo ID.
• Cash Advance Credit card cash advance service available for Visa, MasterCard, American Express, and Discover Card at any branch location.
• Discounted Tickets Reduced-price theme park tickets, including seasonal Great America tickets, available for purchase at any Southern Lakes location.

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Partnerships

Four partnerships are on record, tiered core and minor.

• TruStagecoreGTM or Marketing PartnerTruStage provides optional insurance and protection products sold through the credit union including GAP insurance, Mechanical Breakdown Protection (MBP), and Debt Protection with Life Plus. These products are marketed as valuable add-ons for loan products and provide additional revenue streams for the credit union.
• Alliance One ATM NetworkcoreTechnology or IntegrationPartnership providing Southern Lakes members access to over 5,000 fee-free ATMs across the nation. This expands the credit union's physical footprint without maintaining proprietary ATM infrastructure.
• Credit Union Shared Branching NetworkcoreChannel Partner/ Reseller/ DistributorNetwork of over 6,800 shared branching locations nationwide. Members can access their Southern Lakes accounts at any participating credit union, and members of other credit unions can conduct transactions at Southern Lakes branches.
• Student ChoiceminorGTM or Marketing PartnerThird-party student loan servicing partner for student lending products. Provides specialized student loan services separate from core credit union operations.

Scale indicators4 records

Recent moves11 records

Expansion highlights4 records

Broad incumbents

• BCU (Baxter Credit Union): Illinois-based credit union founded in 1981, headquartered in Vernon Hills, IL. Larger community-chartered credit union serving wider Illinois geography, comparable as a regional credit union with broader product portfolio and digital capabilities.
• Alliant Credit Union: National community credit union founded in 1935, headquartered in Chicago, IL. Comparable as a community-chartered credit union offering digital banking and lending, with significantly larger asset base and broader geographic reach via digital channels.

Direct peers

• UW Credit Union: Wisconsin's largest credit union founded 1927, community chartered and headquartered in Madison, WI. Highly comparable as a Wisconsin-based community credit union offering similar consumer lending, mortgage, and deposit products across a multi-county service area.
• Connexus Credit Union: Wisconsin community credit union headquartered in Wausau, WI. Comparable as a community-chartered credit union offering consumer lending, mortgages, and digital banking services across Wisconsin and beyond.
• CoVantage Credit Union: Wisconsin community credit union founded in 1953, headquartered in Antigo, WI. Comparable as a Wisconsin-based community credit union offering full-service banking including mortgages, auto loans, and business banking.
• Fort Community Credit Union: Wisconsin community credit union founded in 1940, headquartered in Fort Atkinson, WI. Comparable as a Wisconsin-based community credit union serving similar geographic and member demographics in the southeastern region.
• First Northern Credit Union: Wisconsin community credit union headquartered in Wausau, WI. Comparable as a Wisconsin-based community credit union offering full-service banking and lending products to community members.
• Consumers Cooperative Credit Union: Wisconsin community credit union headquartered in Waukesha, WI. Comparable as a community-chartered credit union serving southeastern Wisconsin with similar consumer and mortgage products to Southern Lakes.
• Educators Credit Union: Wisconsin community credit union founded in 1937, headquartered in Racine, WI. Highly comparable as a community-chartered credit union serving similar southeastern Wisconsin geography with consumer, mortgage, and business lending products.

Emerging players

• Self-Help Credit Union: North Carolina-based credit union founded in 1980 with Low Income designation and CDFI status. Comparable as a community development-focused credit union with similar Low Income designation and mission-driven community focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/solakescu
• Facebookfacebook.com/solakescu

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 Southern Lakes Credit Union