GRAND RAPIDS — Lake Michigan Credit Union won’t become Lake Michigan Mutual, as not enough credit union members ratified the charter change.
Although 60 percent of the 35,322 valid votes that were cast favored making the change, a two-thirds majority was needed to allow LMCU to go forward with becoming a mutual savings bank.
“We are delighted that so many people weighed in on this vote and that the majority gave the nod for approval. In any other election, we would be celebrating a landslide victory,” said Sandra Jelinski, LMCU president and CEO, in a statement.
Michigan, though, is one of a few states in the nation that requires a two-thirds majority for a charter change. The credit union’s board of directors and officers favored making the switch.
“The members have spoken and we are listening. As a credit union we are looking at ways to stay competitive in our existing business model. Member needs and the highest level of first-rate customer service will continue to be our priorities,” said Jelinski.
LCMU reported having 105,000 members last month and assets topping $1 billion.