When school teacher Lloyd F. Hutt opened the doors of his depression-era home and created a new business, he opened a new chapter in West Michigan banking. Pooling the money of 13 fellow visionary teachers, Hutt created Grand Rapids Teachers Credit Union, which began operations right out of Hutt’s own home. Eighty years later, Hutt would scarcely recognize the expansion of his home-grown company. Decades of steady growth, strategic mergers and the addition of several major service lines have transformed Hutt’s business in ways he could have never foreseen. Lake Michigan Credit Union is now the largest financial institution headquartered in West Michigan.
1933 - The credit union was founded in October of 1933 by Lloyd F. Hutt, a Grand Rapids
school teacher. Motivated by the shortage of money during the Depression, 13 enterprising teachers pooled
their resources and organized Grand Rapids Teachers Credit Union. Lloyd F. Hutt operated Teachers Credit
Union from his home.
1959 - With more than 1,000 members and over $1 million dollars in assets Grand Rapids
Teachers Credit Union moved out of Lloyd Hutt's home into its first building, an office located at 2424
South Division Street.
1971 - With over $10 million in assets, Grand Rapids Teachers Credit Union opened its
Michigan Street office. Also, GRTCU began its service of managing other credit unions: Food Marketers,
Health Care and Saint Mary's Hospital.
1992 - Grand Rapids Teachers Credit Union assets passed $120 million with membership
approximately 33,000. Assets for the managed credit unions passed $40 million. Lake Michigan Credit
Union acquires Aquinas College Credit Union.
June 1996 - Total Lending Center is opened, along with offering 24-hour, 7 days a week
lending service. GRTCU is also now on the Internet.
November 1996 - Food Marketers Credit Union changed its name to Alliance Credit Union.
CU Check Card is introduced.
January 1997 - GRTCU acquires Blodgett Hospital Credit Union.
September 1997 - PC Home Banking is introduced.
August 1998 - Credit Union Corporate Center opens at 3809 Lake Eastbrook Boulevard.
New telephone system is in place.
July 1999 - Implemented Internet Home Banking for membership. Installed a Local Area Network
(LAN) in our corporate center.
August 1, 1999 - Blodgett Hospital Credit Union merged into Health Care Credit Union.
August 31, 2001 - Consolidation of the managed credit unions (referred to as CU Financial Group)
into one credit union. We are now exclusively Grand Rapids Teachers Credit Union.
March 1, 2002 - The Lake Michigan Credit Union name and logo were adopted March 1, 2002.
Formerly Grand Rapids Teachers Credit Union, LMCU is the result of the consolidation of the credit unions
which made up the CU Financial Group: Grand Rapids Teachers, Health Care, Alliance, and Saint Mary's Hospital.
The credit union charter is changed to a community charter serving those who live, work, worship or attend
school in Kent, Ottawa, Muskegon and Allegan Counties. Data processing system is now with Symitar.
January 1, 2003 - LMCU acquired Grand Shore Credit Union in Grand Haven.
August, 2004 - LMCU moves to new corporate office located at 4027 Lake Dr. in Grand Rapids.
July, 2008 - Lake Michigan Credit Union celebrated its 75th Anniversary by holding a contest
for members with a grand prize of $7500.00 awarded. The credit union’s charter changed again in July 2008 to
expand membership to those who live, work, worship, or attend post-secondary school in 36 Michigan counties.
June, 2010 - Kalamazoo-based Citizens Credit Union merged into LMCU.
June, 2010 - Total assets reached $2 billion.
November, 2013 - Total assets reached $3 billion.
2016 - Reached $4.0 billion in assets and became the largest credit union in Michigan.