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Lake Michigan Credit Union

Lake Michigan Credit Union - The hiring of a commercial lender to work the Ottawa County market follows Lake Michigan Credit Union’s strategy to aggressively grow business lending across its footprint.

The Grand Rapids-based credit union plans to position a commercial lender in the Kalamazoo and St. Joseph markets in early 2011 and aims to double business loans to members over the next year.

The credit union last spring decided to step up its commercial lending arm, seeing the market opportunity to take advantage of what it sees as a void left in the marketplace by some banks that tightened lending during the recession.

Lake Michigan Credit Union

“We’re trying to do business where we have people and operations,” said Mark Hofhines, senior vice president of commercial lending at Lake Michigan Credit Union. “There are a lot of good customers that are not getting what they deserve.”

Lake Michigan, which has 31 offices in West Michigan and assets of $2.07 billion, grew total business loans to members by 55 percent from September 2009 to September 2010 to $35.1 million, according to a quarterly financial report filed with federal regulators.

The credit union presently has a backlog of $15 million in loans, Hofhines said.


Lake Michigan Credit Union

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