2023 Members - Lake Trust Credit Union

Empowering our members’ financial health.

In the face of rising living costs, some Michiganders found themselves relying on credit cards to make ends meet, leading to revolving credit card balances with added interest costs each month. To help its members, Lake Trust provided a solution and supported members on their path to financial wellbeing.

In 2023, Lake Trust partnered with an Ann Arbor-based fintech company, Nickels. Through this collaboration, Lake Trust was able to analyze how our members were impacted by the current financial situation. The results highlighted that 17% of Lake Trust members carried high-interest credit card debt consistently, resulting in thousands of dollars in interest fees.

Lake Trust reached out to its members through targeted communication, explaining the advantages of consolidating high-interest debt through a lower-rate personal loan. This outreach led to members refinancing over $3.6 million in third-party credit card debt in 2023 by utilizing a Lake Trust personal loan. We anticipate that this will save our members more than $437,000 in credit card interest charges through 2024

The success of our outreach efforts was underscored when our Chief Marketing Officer, Linda Douglas, was invited to co-present alongside Nickels in a webinar hosted by the nonprofit organization, Inclusiv. During the event, Linda emphasized, “Empowering our members’ financial health is at the heart and soul of everything we do.”

As of March 1, 2024, members have opened 2,628 Aspire Savings accounts with an average balance of $2,558.

Aspire to save more.

Survey results published in the latest Report on the Economic Well-Being of U.S. Households (May 2022-May 2023) revealed that 37 percent of adults would not be able to cover an unexpected expense of $400 with cash, savings, or a credit card paid off at the next statement.¹ To enhance members’ financial wellbeing and help them increase their emergency savings, a new, high-yield savings product launched in early 2023.

Aspire Savings is a reverse-tiered account, meaning the highest rate is offered at the lowest deposit amount (currently up to $5,000) and then the rate steadily decreases, resulting in an overall blended rate. Unlike a certificate of deposit (CD), this is also a liquid account, so members still have easy access to their funds without incurring early withdrawal penalties.

To support the launch of Aspire Savings, Lake Trust published a new blog post about the importance of having an emergency fund and Aspire Savings was highlighted as a solution.

Messaging for Aspire Savings invites members to explore the power of their aspirations. To dream bigger. And to consider the feeling of accomplishment when they do reach their next savings milestone.

Uplifting business members through Elevate Grants.

To connect Lake Trust business members with helpful resources, the Lake Trust team actively leverages partnerships and seeks opportunities to enhance financial wellbeing. Elevate Small Business Grants through the Federal Home Loan Bank of Indianapolis (FHLBI) assist the growth and development of small businesses, their workforce, and the communities where these businesses are located. Applications are open to for-profit businesses in Michigan and Indiana with an annual revenue of less than $1 million and the business applications must be sponsored by a participating FHLBI financial institution. Recipients can receive up to $20,000 in Elevate Grant funds, which can be used for buying property, facility expansion, workforce training, technology enhancements, and other business needs.

In 2023, Lake Trust sponsored four business members for Elevate Grants, and it was later announced that two of those businesses were selected: Mr. Leslie’s Cheesecakes and Skinphorea.

After renting space at The Maker Kitchen powered by Lake Trust inside Allen Neighborhood Center, Marcus Leslie found the support he needed to grow his business, Mr. Leslie’s Cheesecakes. Marcus and his team now produce over 2,000 cheesecakes per month to sell at select Meijer locations around Lansing. Elevate Grant funds will support advertising, packaging materials, and payroll to increase revenue and add sales to 50-60 additional Meijer locations across the state.

Jessie is the co-owner of Skinphorea, a facial bar and acne clinic with locations in Detroit and Royal Oak. At Skinphorea, Jessie pairs high-quality, medical-grade skin care with affordable pricing to help clients rediscover their confidence in a fun, relaxing environment. Jessie plans to use her Elevate Grant to support marketing and advertising efforts, like a social media campaign and billboard, to grow her business and build her clientele.

Read more about this story on:
Federal Home Loan Bank of Indianapolis²
The Lake Trust Latest - Mr. Leslie’s Cheesecakes
Lake Trust - Jessie’s Story

The Brighton Area Chamber of Commerce Awarded Lake Trust the 2022 Excellence in Public Policy Award (received in 2023).

Read more about this story on:
Federal Home Loan Bank of Indianapolis²
The Lake Trust Latest - Mr. Leslie’s Cheesecakes
Lake Trust - Jessie’s Story

The Brighton Area Chamber of Commerce Awarded Lake Trust the 2022 Excellence in Public Policy Award (received in 2023).

Sharing authentic member stories.

The power of storytelling plays an important role in helping Lake Trust connect with members and the community. Team members were asked to nominate personal and business members who they felt had a powerful story to share. The Lake Trust Marketing Team then worked with the nominated member to do a written and video interview. From there, the story was shared through multiple communication channels.

These storytelling efforts also lean into the Lake Trust organizational value of Authenticity. By building emotional connections through shared personal experiences, members can gain a greater understanding of how Lake Trust empowers people just like them. And these stories are an opportunity to demonstrate what it means to channel the power in all of us.

Corey | Lansing

Corey is the owner of a Biggby coffee franchise and a design firm. From getting a loan to purchase an engagement ring for his now wife, to multiple home loans, to financing his business adventures, Corey’s story exemplifies the power of family, community, and a long-term relationship with Lake Trust.

Corey's Story

Michael | Ann Arbor

Michael is a therapist who is dedicated to helping individuals recover from addiction. After overcoming his own personal struggles, he experienced financial limitations. While other institutions said no, Lake Trust was there with a willingness to help. Since Lake Trust opened doors for him, he now refers his own clients to the credit union.

Michael's Story

Colton | Hastings

Colton is a personal and business banking member who owns Hometown Plumbing Services. Every month, Hometown Plumbing provides a “Good Neighbor Service” for people who can’t afford essential plumbing services. As he lives out his dream of owning a business, Colton gives back and multiplies positive impact through his work.

Colton's Story

Nicole | Grand Haven

Nicole has been a Lake Trust personal and business banking member for over 20 years. She’s also the founder of More Love Collective, a small business that donates fifty percent of every beaded bracelet sale back to the community. To date, over $10,000 has been donated through various charitable organizations and to individual community members.

Nicole's Story

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The Lake Trust Latest

Since 2019 when the home loan giveback program launched, Lake Trust members have made it possible to donate over $260,000 to 21 Michigan housing nonprofits.

Exploring the meaning of home.

Everyone should have the opportunity to experience the power of home. The feeling of warmth. Love. And a sense of belonging. Since 2019, the ongoing home loan giveback program has helped members finance their dream home or upgrade their current home. And for each qualifying home loan, Lake Trust helped others in Michigan feel a sense of home by giving a donation to area nonprofits that support housing needs.

Through this ongoing effort, a donation was made for every mortgage or refinance that members applied for during the 2023 program period and later closed on through the Lake Trust partners at Mortgage Center. In addition, a donation was made every time a member closed on a home equity loan with Lake Trust during a later program period.

In total, Lake Trust members made it possible to donate $37,518 to Haven Homes of Detroit, our 2023 home loan giveback recipient. Lake Trust and the Lake Trust Foundation collaborated to select this organization which purchases and renovates homes in Detroit to provide housing for women who have escaped human trafficking. Residents of the nonprofit receive food, life skills training, financial literacy classes, job development training, education assistance, medical assistance, mental health services, and legal support to help them heal and move forward. The home loan giveback donation was enough to provide 84 days of staff support, transportation, food, housing, and mental health services for each of the four residents at Haven House.

Haven Homes currently operates one house. With the recent purchase of a second home, they’ll soon be able to support and house three more women in need.

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The Lake Trust Latest

Since 2019 when the home loan giveback program launched, Lake Trust members have made it possible to donate over $260,000 to 21 Michigan housing nonprofits.

Supporting the Spartan Strong Fund.

In response to the tragic incident on the Michigan State University campus on February 13, Lake Trust contributed a combined $25,000 to the Michigan State University’s Spartan Strong Fund. The contribution includes funds donated by Lake Trust team members and those generated by Lake Trust member support. In alignment with the Lake Trust Foundation’s focus on enhancing wellbeing in Michigan communities, the nonprofit also contributed a separate donation.³

“Our membership has always had a very strong connection to the greater Lansing area. It’s home to many of our members and team members, and it is for that reason that we have a history of supporting a plethora of programs in the community over the years,” said Lake Trust President and CEO David Snodgrass. “The tragedy that occurred at Michigan State University in February left many Michiganders devastated for those impacted and our team and Lake Trust members were actively seeking a way to help. We hope this donation will go a long way in providing support to the students, staff, and community members as they continue the journey of healing from the violence that occurred on campus.”

For every transaction that Lake Trust members made using a Lake Trust debit card on March 9, 2023, Lake Trust donated 25 cents to the Spartan Strong Fund. Several Lake Trust team members also contributed to the Lake Trust Foundation MSU Fund through a payroll deduction that ran from March 6 through March 12.

The contribution provided by Lake Trust and the Lake Trust Foundation continued support to those impacted by the tragic events that took place on the Michigan State University campus on February 13. The Spartan Strong Fund provides for needs like student and staff counseling, recognition for first responders, and more.

When the community comes together to support each other, even simple acts can create a positive impact. That’s the power in all of us.

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The Livingston Post²
WLNS²
CUInsight²