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Lake Michigan Credit Union grabbed headlines four years ago, in the Feb. 18, 2004 issue of the CU Times, with the beginning of its attempted mutual savings bank conversion.

By Staff Writer | Updated on February 19, 2008

HOBOKEN, N.J. — Lake Michigan Credit Union grabbed headlines four years ago, in the Feb. 18, 2004 issue of the CU Times, with the beginning of its attempted mutual savings bank conversion.

Lake Michigan Credit Union was just taking its first steps in a mutual bank conversion. Although the attempt ultimately failed, the conversion of the then $964 million Lake Michigan CU to a mutual bank would have been the largest of its kind. The CU cited rapid growth and capital limitations as motivating factors in its consideration of the conversion. One of the reasons behind the CU’s rapid growth at the time was the location of its new branches. Several of the branches being opened up were placed near large schools taking advantage of the fact that the credit union had “a lot of pull” with teachers since it was founded by a group of teachers.

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