The $531 million Lansing Automakers Federal Credit Union is no longer that.
With a Michigan state charter effective Jan. 31, the credit union is now officially LAFCU and has expanded its mid-Michigan service territory from three to 11 counties, adding eligibility to people who live, work or attend school in Barry, Calhoun, Gratiot, Ionia, Jackson, Livingston, Montcalm and Shiawassee counties.
The 77-year-old credit union already has six locations and ATMs in Ingham, Eaton and Clinton counties. LAFCU said the NCUA approved the charter change after it was approved by a member vote last month.
“Offering LAFCU financial services to more people was the driving reason to seek the charter change,” said Robin Frucci, CEO of the 49,500-member institution. “Becoming a state-chartered credit union allows us to expand our geographical reach.”
He added, “LAFCU had been an acronym for Lansing Automakers Federal Credit Union. Since a state-chartered institution cannot have the word ‘Federal’ in its name, LAFCU is now our legal name.”