LAFCU, a $670 million institution based in Lansing, Mich., has received approval from the Michigan Department of Insurance and Financial Services to expand its service territory to the entire state of Michigan – from its previous geographical service area of 11 counties in mid- to south central Michigan.
“We are extremely excited about this new opportunity that allows LAFCU to serve members statewide,” stated Patrick Spyke, LAFCU CEO. “Virtually anyone in Michigan can become a member and enjoy all LAFCU has to offer including attractive rates on auto loans and home mortgages, as well as credit cards with amazing options and features.”
Spyke added that with this expanded service territory, LAFCU will “strive to play an even bigger role in the financial soundness of individual and business members throughout the state.”
Spyke also said the initial emphasis for members within the larger geographic footprint is through online access to LAFCU services.
“With advances in financial technology, many banking services that were formerly transacted at an office are now regularly completed online,” he added. “It’s becoming the new normal in delivering financial services, and LAFCU is equipped to manage those transactions with ease.”
LAFCU further said that the service territory expansion will be “especially advantageous” for current LAFCU business members in mid-Michigan as the credit union is now “better positioned to service those businesses as they expand or merge with businesses around the state.”
