Michigan Legacy Credit Union expands statewide
Michigan Legacy Credit Union in Pontiac, Mich., has been approved by the state’s Department of Insurance and Financial Services to expand membership eligibility statewide.
As of Nov. 6, anyone who lives, works, worships, attends school or owns a business in the Great Lakes State is eligible for MLCU membership. Previously only consumers in Wayne, Oakland, Macomb, Monroe and Livingston counties were eligible to join.
The $211 million-asset institution serves more than 20,000 members and has six branch locations, primarily located near Detroit and its exurbs.
“The expanded field of membership will bring additional deposits and allow customized lending to enhance consumer and business banking options for all members,” CEO Carma Peters said in a statement. “Nearly 93% of our transactions and member interactions are done online, so the geographic footprint and affordability of our current physical branch network, combined with 206 Xtend CU Shared Branches creating a credit union branching environment throughout the entire State of Michigan, will continue to work well for us strategically.”
Michigan Legacy Credit Union’s latest call report shows just over $984,000 in net income during the first three quarters of 2019, up from more than $783,000 during the same period last year.
As reported, growth at credit unions across Michigan continues to slip, though membership numbers there continue to be strong. More than half the state's residents belong to a credit union.