The Votes Are In: Lake Michigan Credit Union Remains a Credit Union

The $1.1 billion Lake Michigan Credit Union (LMCU) in Grand Rapids, MI, will remain a credit union after less than two-thirds of voting members cast ballots in favor of a conversion to a mutual savings institution.

 
 

The $1.1 billion Lake Michigan Credit Union (LMCU) in Grand Rapids, MI, will remain a credit union after less than two-thirds of voting members cast ballots in favor of a conversion to a mutual savings institution.

Members cast 35,322 valid votes and 60 percent were in favor of a conversion to a mutual savings institution. Michigan requires a two-thirds approval for a conversion, and LMCU fell short by 2,400 votes.

LMCU’s conversion would have been the largest credit union to switch to a bank to date. The proposed conversion has not only garnered a lot of media attention because of the credit union’s size, but also due to an unusual contest where all voting members would be eligible for prizes. The grand prize was a three-year lease on either a 2005 Cadillac CTS or SRX and five additional cash prizes of $1,000 would also be awarded in a lottery.

For more details, refer to postings on LMCU’s website: http://www.lmcu.org/.

 

 

 

Dec. 13, 2004


Comments

 
 
 
  • I received a check for ten thousand dollars from publishers clearing house. on the front of the check it says LAKE MICHIGAN CREDIT UNION. What concerns me is that they spelled the word credit wrong. it brought up a red flag. I would like a response from Lake Michigan credit union.
    William Foster