Lake Michigan Credit Union (62514), a $15.2B credit union headquartered in Grand Rapids, MI, led by CEO Leonard, reported $12.9B in member deposits at the end of 2025 Q3, an increase of $679.4M (+5.6%) compared to the same quarter last year.
The credit union's 101.7% loan-to-share ratio indicates strong loan demand relative to deposits, which may require attention to deposit pricing and liquidity management.
At a high level: balance sheet is loan-heavy, constraining future optionality.
Deposit Composition
Lake Michigan Credit Union's deposit portfolio is led by Money Market, comprising 33.7% of total deposits—higher-yield accounts with selective transactions.
Deposit Portfolio Breakdown
| Deposit Type | Balance | % of Total | YoY Growth |
|---|---|---|---|
| Money Market | $4.3B | 33.7% | +7.8% |
| Share Certificates | $3.5B | 26.9% | +6.7% |
| Share Drafts | $3.1B | 24.5% | +4.9% |
| Regular Shares | $1.4B | 10.6% | -1.5% |
| IRA/KEOGH | $439.9M | 3.4% | +4.5% |
| Other Shares | $119.4M | 0.9% | +0.2% |
| Non-Member Deposits | $44K | 0.0% | +3.8% |
Source: NCUA 5300 Call Reports (2025_Q3)
Quarterly Deposit Trends
Robust deposit growth of this magnitude typically reflects competitive dividend rates, successful marketing campaigns, or strong community relationships driving member acquisition.
Quarterly Trend
| Period | Total Deposits | QoQ Change | Avg/Member |
|---|---|---|---|
| 2024 Q2 | $12.1B | $24K | |
| 2024 Q3 | $12.2B | +1.0% | $25K |
| 2024 Q4 | $12.4B | +1.3% | $25K |
| 2025 Q1 | $12.5B | +1.5% | $25K |
| 2025 Q2 | $12.5B | +0.1% | $25K |
| 2025 Q3 | $12.9B | +2.6% | $25K |
Source: NCUA 5300 Call Reports
Member Deposit Metrics
Lake Michigan Credit Union serves 517,086 members, an increase of 4.1% year-over-year. The average member deposit of $25K has grown 1.4% compared to last year.
Strong deposit growth combined with member growth indicates successful market expansion and competitive deposit products.
Historical Context: Since the 2008 Crisis
Lake Michigan Credit Union's deposit base has grown 1031% since Q3 2008, when the financial crisis was at its peak. At that time, the credit union held $1.1B in member deposits serving 133,832 members.
Membership has expanded 286% over this period, demonstrating strong community trust and successful member acquisition.
Peer Comparison
Among 42 credit unions in its $7.6B–$22.8B asset peer group, Lake Michigan Credit Union ranks in the 52nd percentile for deposit growth.
Outlook
With strong deposit momentum, Lake Michigan Credit Union appears well-positioned to fund loan growth and maintain competitive member services. Key factors to watch include deposit rate trends, member acquisition costs, and competitive dynamics in the MI market.
Lake Michigan Credit Union's Q4 2025 results, expected in early 2026, will provide further insight into whether this deposit growth trajectory can be sustained.
Track This Credit Union
Monitor Lake Michigan Credit Union's quarterly deposit performance, member metrics, and share composition with Finleet Terminal.
Data Sources: NCUA 5300 Call Reports (2025_Q3), NCUA Historical Data (2007-present), Finleet Proprietary Analysis
Methodology: Year-over-year growth calculated comparing 2025_Q3 to same quarter prior year. Peer groups defined as credit unions within 50% asset range. Average deposit calculated as total shares and deposits divided by total members.