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Lake Michigan Credit Union is making a big push into Southwest Florida, opening branches in Lee and Collier counties and exploring further statewide expansion.
Rivals should take note.
Here's why: A recent analysis by S&P Global Market Intelligence ranked the $4.3 billion-asset Michigan lender as one of the best-performing credit unions in the nation. It came in second out of 488 credit unions, behind only Idaho Central Credit Union. No Florida-based credit unions made the top 50.
S&P Global Market Intelligence ranked the credit unions by five financial metrics: member growth, net charge-offs as a percentage of average loans, efficiency ratio (operating expense as a percentage of operating revenue), asset quality and market growth.
The analysts noted Lake Michigan decreased its net charge-offs-to-average-loans ratio and cut its efficiency ratio. The Grand Rapids, Mich.-based credit union also saw an increase in its membership and in market growth.
In a recent interview with the Business Observer, President and CEO Sandra Jelinski says she plans to grow the Florida operations within the next two or three years to the point where half its assets will be in the Sunshine State.
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