State Charter for Mich. CU
LAFCU, Lansing Mich., has expanded its mid-Michigan service territory from three to 11 counties with the approval to replace its federal charter with a state charter. People living, working or attending school in the newly added counties are now able to immediately access LAFCU financial services. The new counties are Barry, Calhoun, Gratiot, Ionia, Jackson, Livingston, Montcalm and Shiawassee. The 77-year-old credit union has been serving members in Ingham, Eaton and Clinton counties where it maintains six locations and an ATM network.
“Offering LAFCU financial services to more people was the driving reason to seek the charter change,” said Robin Frucci, LAFCU CEO. “Becoming a state-chartered credit union allows us to expand our geographical reach.”
The NCUA approved LAFCU’s state-charter request. The change was effective Jan. 31. It was proposed by the LAFCU board of directors and approved by a member vote in mid January.
“LAFCU had been an acronym for Lansing Automakers Federal Credit Union,” Frucci said. “Since a state-chartered institution cannot have the word ‘Federal’ in its name, LAFCU is now our legal name.” LAFCU serves 50,000 members and has more than $540 million in assets.