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Lafcu

Overview
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Lafcu is a federally insured state credit union based in Lansing, Michigan. It has been opened since 1936, for 84 years.

With around $694,270,000 in assets, Lafcu is considered to be a very large credit union. It has 10 branches and 10 ATM locations.

About
Address P.O. Box 26188
Lansing, Michigan 48909
Website http://www.lafcu.com
Phone (517) 622-6600
Fax (517) 622-6909
CEO Spyke Patrick
President of the Board Harold Foster
Services Offered
Map
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Score Card
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84 years
Years in business
Opened in 1936
Well Capitalized
Net worth classification
Source: NCUA
64,704 members
Membership type: State chartered natural person credit union
Above average number of members
442:1
Credit union member to staff ratio
442 per each FTE employee
Compared to 411:1 nationally
Fewer staff
$694,268,311
Total assets
Above average
10 branches
Compared with an average of 4 nationally and 4 in Michigan
Above average number of branches
0.15%
Savings interest rate
Compared to 0.3% nationally
12.90%
Unsecured credit card loan interest rate
Compared to 10.8% nationally
Branches
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10 branches
Compared with an average of 4 nationally and 4 in Michigan
Above average number of branches
Lafcu Branch Locations

Lafcu: Mason
750 North Cedar Street
Mason, Michigan 48854
ATM Available
Lafcu: Corunna
2665 E. M. 21
Corunna, Michigan 48817
ATM Available
Lafcu: Owosso
1720 W. M. 21
Owosso, Michigan 48867
ATM Available
Lafcu: Collins
4600 Collins Road
Lansing, Michigan 48910
ATM Available
Lafcu: Eaton Rapids
1505 Kyle Street
Eaton Rapids, Michigan 48827
ATM Available
Lafcu: South Lansing
1121 Keystone Avenue
Lansing, Michigan 48911
ATM Available
Lafcu: Charlotte
1553 Lansing Road
Charlotte, Michigan 48813
ATM Available
Lafcu: Street Johns
2317 S. US Highway 27
Saint Johns, Michigan 48879
ATM Available
Lafcu: Main
106 North Marketplace Boulevard
Lansing, Michigan 48917
ATM Available
Lafcu: Dewitt
12850 S. US Highway 27
Dewitt, Michigan 48820
ATM Available
Members
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64,704 members
Membership type: State chartered natural person credit union
Above average number of members

With 64,704 members, the Lafcu is considered to be a very large credit union. It is among the largest of credit unions and is larger than 93% of credit unions.

Fees
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$102
Average fee per member
The average fee per member at the Lafcu is $102, which is very high compared to most credit unions. This rate is higher than 85% of all credit unions.
Fees are higher than average

Credit unions, like banks, charge members various fees, such as overdraft fees, ATM fees, credit card fees, inactivity or dormat account fees, and more.

The average fee per member gives you a general sense of how much you might pay in fees as a member of the Lafcu. Some credit unions tend to charge more fees, while others charge less.

Staff
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442:1
Credit union member to staff ratio
442 per each FTE employee
Compared to 411:1 nationally
Fewer staff
146 staff members
FTE (full-time equivalent)
18% of employees are part-time
132 full-time, 29 part-time

Lafcu has 132 full-time staff members and 29 part-time staff members. The staff is predominantly comprised of full-time staff, at approximately 82% of the workforce.

The number of members relative to staff members is an indication of how well staffed the credit union is. Lafcu has around 442 members per staff, a higher ratio compared to other credit unions.

Assets
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$694,268,311
Total assets
Above average
Net worth
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Well Capitalized
Net worth classification
Source: NCUA
A well capitalized credit union has a net worth ratio of 7% or greater and also meets applicable risk-based net worth requirements, according to the National Credit Union Administration.
11.9%
Net worth ratio
A higher net worth ratio is better.
Compared to an average of 13.6% nationally

A credit union's net worth ratio is one of the most important metrics you should consider when deciding whether to join a credit union. Why? It's a measure of financial strength

The net worth ratio is equal to a credit union's net worth divided by its assets. According to the National Credit Union Administration, a minimum net worth ratio of 7% is required to be considered to be a well capitalized credit union.

Loans & leases
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$12,197
Average loan and lease size
Loan & lease sizes are bigger than average. They are bigger than at 66% of credit unions.

Lafcu holds a total of $501,050,000 in loans and leases, which is about $12,197 per member on average.

Savings interest rate
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0.15%
Savings interest rate
Compared to 0.3% nationally

A credit union share account is an account at a credit union. It's called a share account because the credit union is member owned and as a result, members own shares in the credit union.

A share savings account pays you interest on your savings, similar to a savings account at a bank. The interest you receive can vary. Lafcu pays 0.15%.

Loan rates
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12.90%
Unsecured credit card loan interest rate
Compared to 10.8% nationally
9.79%
Unsecured non-credit card loan interest rate
Compared to 11.2% nationally
8.46%
Other secured non-real estate loans and lines of credit interest rate
Compared to 5.3% nationally
Car loan rates
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4.24%
New car loan rate
Compared to 4.0% nationally
4.97%
Used car loan rate
Compared to 5.2% nationally
Mortgage rates
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4.25%
Mortgage rate (secured by junior lien)
Compared to 3.4% nationally
4.50%
Mortgage rate (secured by 1st lien)
Compared to 3.3% nationally