LANSING, Mich. (2/11/13)--Lansing Automakers FCU will switch to a state charter and change its name as it makes plans to expand its service area.
The Lansing, Mich.-based credit union has received approval from the National Credit Union Administration for the change (Lansing State Journal Feb. 8). It has also received approval from the state regulator.
The credit union will also change its name to Lansing Automakers Financial CU, but will market itself by the acronym LAFCU, the credit union's CEO, Robin Frucci told News Now.
LAFCU will expand its service into several additional Michigan counties. There are no plans to open new branches in those counties.
The credit union pursued the charter change because of federal limits on how far geographically it could expand its service, the Journal said.
"We have had a strong indirect lending program since the 1970s," Frucci told News Now. "In the past we have had to turn down applications because they were out of our service area. We will probably gain new members through indirect lending as we look into other plans for expanding service."
LAFCU has about 50,000 members and roughly $530 million in assets.