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Lakeshore Credit Union

Overview
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Lakeshore Credit Union is a federal credit union based in Muskegon, Michigan. It has been opened since 1953, for 67 years.

With around $28,280,000 in assets, Lakeshore Credit Union is considered to be an average size credit union. It has 1 branches and 1 ATM locations.

About
Address 2182 Lakeshore Drive
Muskegon, Michigan 49441
Website http://www.lakeshorefcu.com
Phone (231) 755-1202
Fax (231) 755-0539
CEO Kathy L. Fearnley
President of the Board Faisel Abdelkader
Services Offered
Map
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Score Card
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67 years
Years in business
Opened in 1953
Well Capitalized
Net worth classification
Source: NCUA
2,759 members
Membership type: Community credit union
Average number of members
394:1
Credit union member to staff ratio
394 per each FTE employee
Compared to 411:1 nationally
Average number of staff
$28,281,980
Total assets
Average size
1 branch
Compared with an average of 4 nationally and 4 in Michigan
Average number of branches
0.10%
Savings interest rate
Compared to 0.3% nationally
10.90%
Unsecured credit card loan interest rate
Compared to 10.8% nationally
Branches
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1 branch
Compared with an average of 4 nationally and 4 in Michigan
Average number of branches
Lakeshore Credit Union Branch Locations

Lakeshore Federal Credit Union
2182 Lakeshore Drive
Muskegon, Michigan 49441
ATM Available
Members
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2,759 members
Membership type: Community credit union
Average number of members

With 2,759 members, the Lakeshore Credit Union is considered to be a medium size credit union. It is larger than 43% of credit unions.

Fees
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$89
Average fee per member
The average fee per member at the Lakeshore Credit Union is $89, which is high compared to most credit unions. This rate is higher than 80% 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 Lakeshore Credit Union. Some credit unions tend to charge more fees, while others charge less.

Staff
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394:1
Credit union member to staff ratio
394 per each FTE employee
Compared to 411:1 nationally
Average number of staff
7 staff members
FTE (full-time equivalent)
25% of employees are part-time
6 full-time, 2 part-time

Lakeshore Credit Union has 6 full-time staff members and 2 part-time staff members. The staff is predominantly comprised of full-time staff, at approximately 75% of the workforce.

The number of members relative to staff members is an indication of how well staffed the credit union is. Lakeshore Credit Union has around 394 members per staff, an average ratio compared to other credit unions. This is a somewhat well staffed credit union.

Assets
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$28,281,980
Total assets
Average size
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.
15.7%
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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$11,896
Average loan and lease size
Loan & lease sizes are bigger than average. They are bigger than at 64% of credit unions.

Lakeshore Credit Union holds a total of $11,130,000 in loans and leases, which is about $11,896 per member on average.

Savings interest rate
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0.10%
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. Lakeshore Credit Union pays 0.10%.

Loan rates
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10.90%
Unsecured credit card loan interest rate
Compared to 10.8% nationally
11.50%
Unsecured non-credit card loan interest rate
Compared to 11.2% nationally
4.97%
Other secured non-real estate loans and lines of credit interest rate
Compared to 5.3% nationally
Car loan rates
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3.60%
New car loan rate
Compared to 4.0% nationally
3.90%
Used car loan rate
Compared to 5.2% nationally
Mortgage rates
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5.18%
Mortgage rate (secured by junior lien)
Compared to 3.4% nationally
5.00%
Mortgage rate (secured by 1st lien)
Compared to 3.3% nationally
4.88%
Other real estate loan rates
Compared to 0.9% nationally
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