75th Annual Meeting

Welcome to your 2022 Annual Meeting and Election of Michigan Legacy Credit Union. It’s time to celebrate 75 years of locally owned and continued growth. While we take a moment to celebrate the past, our vision is firmly fixed on the future.

Michigan Legacy Credit Union opens new prototype branch in Flat Rock

Michigan Legacy - Flat Rock BranchMedia Contact: Barbara Fornasiero; EAFocus Communications; barbara@eafocus.com; 248.260.8466

Wyandotte, Mich. — February 28, 2022 — Michigan Legacy Credit Union (MLCU), with five physical locations in Wyandotte, Warren, Flat Rock, Pontiac, and Highland and 24-7 online accessibility, opened its newly constructed Flat Rock branch, located at 22895 Gibraltar Road, on February 28. Carma Peters, President and CEO of Michigan Legacy Credit Union, announced the opening and the impetus behind their new branching strategy.

“In tracking the changes of member behavior, we have created smaller retail branches with new technology, including video teller services, to make the credit union successful for years to come,” Peters said. “As our member/owners use various digital devices to conduct business, Michigan Legacy is pleased to present our technology-driven options in a flexible environment that also offers traditional service through an ATM and drive-thru.”

Administrative services previously located in each branch have been centralized to MLCU locations in Warren and Wyandotte, which are larger buildings and designed for additional administration purposes.

“These important advances will also allow the credit union to downsize by 28,000 square feet, netting significant operational cost savings,” Peters said.  “This is our third new prototype branch, which is a fun and funky design modeled after a 50’s-style diner but equipped with secure online technology and a layout that allows for social distancing to keep our members and staff safe.”

The new branch is located directly west of the current Flat Rock branch, which is for sale. With vibrant colors and signage, the building is hard to miss driving down Gibraltar Road. It was designed and constructed by Anchorville, Michigan-based Thompson-Phelan Group, which also designed Michigan Legacy’s other two prototype branches in Warren and Wyandotte, with Wyandotte now serving as MLCU’s headquarters.

The Flat Rock branch will be open Monday, Tuesday, Thursday and Friday from 9 a.m. – 5p.m., Wednesdays from 10:30 a.m. – 5 p.m., and on Saturdays (drive-thru only) from 9 a.m. – 1p.m.

About Michigan Legacy Credit Union

Michigan Legacy Credit Union (MLCU) is a member-owned, not-for-profit financial cooperative serving members who live, work, worship, attend school, or own a business in the state of Michigan. Michigan Legacy Credit Union is committed to providing quality financial services at a competitive price, delivered professionally and efficiently while keeping member/owners and their needs first. For additional information on MLCU, visit: www.michiganlegacycu.org.

Michigan Legacy Credit Union donates $50,000 to Turning Point in support of the non-profit’s domestic violence prevention and survivor programming

Turning Point LogoMichigan Legacy LogoDonation is largest ever made by Michigan Legacy

Media Contact: Barbara M. Fornasiero; EAFocus Communications; barbara@eafocus.com; 248.260.8466

Wyandotte, Mich.  – February 9, 2022 –Wyandotte-based Michigan Legacy Credit Union (MLCU), with additional branches in Warren, Pontiac, Highland and Flat Rock and 24 hour-online banking services, is pleased to announce it has made a $50,000 donation to Mt. Clemens-based Turning Point, an agency whose mission is to empower domestic and sexual violence survivors through comprehensive services and resources. The donation, which was given to Turning Point by Michigan Legacy President and CEO Carma Peters on February 9, is the largest ever made by Michigan Legacy.

“For more than 40 years, Turning Point has been providing services in Macomb County that are critical to the health and well-being of its most vulnerable residents,” Peters said. “We are pleased to make this donation in support of their efforts to reach even more individuals and families in need, while also using their community education and outreach to raise awareness and prevent domestic violence and sexual abuse from happening in the first place.”

Turning Point is Macomb County’s only comprehensive domestic violence and sexual assault services provider. Programs include a shelter that provides emergency housing for over 300 survivors and their children each year, medical forensic and advocacy services for sexual assault survivors, a 24-hour hotline, trauma advocacy/counseling for survivors and their loved ones, outreach to middle and high schools on domestic/sexual violence prevention, Personal Protection Order assistance, legal advocacy, and two newer housing programs. The Turning Point Transitional Housing Program is available for up to two years at no cost to survivors and their children, and the Rapid Re-Housing Program provides rental assistance for up to 12 months. To date, 30 privately-owned housing units between the two programs have been made available throughout Macomb County. Some are traditional homes; others are in apartments or condominiums.

Turning Point President and CEO Dr. Sharman Davenport, Ph.D., thanked MLCU for its support.

“This $50,000 donation will have an immediate positive impact on the work we do,” said Davenport. “On behalf of Turning Point, our Board of Directors, and especially those we serve, I gratefully thank and acknowledge Michigan Legacy for this donation and look forward to continuing to build this partnership.”

With a community-focused mission and a dedicated philanthropy-directed fund, Michigan Legacy is pleased to support initiatives that strengthen the communities where its members live and work. The Turning Point donation was preceded by several MLCU notable donations in 2021, including $10,000 to the Downriver Community Food Pantry, $15,000 to the Wyandotte Rotary Club, and $20,000 to Crime Stoppers of Michigan.

About Turning Point 

Turning Point provides comprehensive, free, and confidential programs for domestic violence and sexual assault survivors, their loved ones, and the community. Services include a 24-hour hotline, emergency shelter, housing, trauma advocacy/counseling, personal protection order assistance, legal advocacy, forensic nurse exams, first response advocacy, prevention, and community education. Second Hand Rose, another Turning Point service, provides survivors with gently used items while providing an opportunity for the community to donate and shop. Serving Metro Detroit for 41 years, Turning Point has helped over 100,000 survivors. Visit www.turningpointmacomb.org for more information.

About Michigan Legacy Credit Union

Michigan Legacy Credit Union (MLCU) is a member-owned, not-for-profit financial cooperative serving members who live, work, worship, attend school, or own a business in the state of Michigan. Michigan Legacy Credit Union is committed to providing quality financial services at a competitive price, delivered professionally and efficiently while keeping member/owners and their needs first. For additional information on MLCU, visit: www.michiganlegacycu.org.

New year, new fiscally responsible you – 10 tips to pay off debt in 2022

Wyandotte, Mich.  – December 1, 2021 – It’s a time-honored tradition: making new year’s resolutions to get out of debt and save more money in the year ahead. Michigan Legacy Credit Union (MLCU) President and CEO Carma Peters, who once found her family climbing out of debt after a job loss and the Great Recession, speaks from experience when offering advice on how to move forward on solid financial footing.

“If COVID has taught us anything, it is that your life can change in a moment’s notice.  Eliminating debt and having savings to fall back on can mean the difference between barely surviving and thriving – or at least comfortably weathering the storm,” Peters said.

Here are 10 actionable tips from Peters to get you on track for saving money and managing debt:

  1. Start a budget or financial journal. Spend the time to make a budget  or document in a note book your income and expenses pdf-1020-make-budget-worksheet_form.pdf (consumer.gov) Once you get in the habit it will help know where to make adjustments and you will find ways to save some of the money you do not even see being spent now.
  2. Cash is king: Stop using your credit card and start paying cash when possible to keep a close eye on your spending.
  3. Mind over matter: If you need a psychological win, pay off the smallest balance first to feel a sense of accomplishment.
  4. Be efficient in your payments: If you can skip the satisfaction of a psychological win, concentrate on paying off the highest interest rate debt first, as it is the one most negatively affecting your budget.
  5. Be aware of the minimum payment warning box: This box will tell you how long, as well as how much, it will take if you make no additional purchases and pay the minimum payment. For example, it will take you 16 months and a total of $444 just to repay a $288.64 charge by making a minimum payment of $29 at a 26.99% simple interest rate.
  6. Conquer student loan debt: This is the debt that affects personal budgets the most. It can be the biggest enemy because of the duration of the repayment, not necessarily the interest rate. To help plan repayment, find an online financial calculator and enter the total amount of student loan debt, the interest rate and the payment, and it will calculate the time and total cost of paying it off.
  7. Consider refinancing: Some financial gurus may not look at refinancing as a good idea, but if you can lower that rate and find a financial partner that will understand your goals and hold you accountable, it can help you to go from a 26% or higher credit card to a smaller unsecured rate loan.
  8. Be patient: You likely didn’t get in your financial position overnight and you will not get out of it overnight. It will take time, sacrifice, hard work and focus, but it can be done.
  9. Start saving small: If you are not a saver, put $10 per paycheck in an account with no access to an ATM or home banking, so you must drive to physically withdraw it. Every time you can increase the contribution amount, it will add up over time, and you will have created your emergency fund.
  10. Change is hard: Most people never change their habits, so it takes a true desire to get to a different outcome. You must be so discouraged by where you are that you want something different for the rest of your life.

“Following even one of these tips to start out the new year can make an immediate impact on an individual’s financial savings and outlook for the rest of the year. Plus, it can help build better personal finance strategies for years to come,” Peters encouraged. “Choosing to change your unhealthy financial habits can be just like a new year’s resolution to exercise – start with one right decision every day.”

About Michigan Legacy Credit Union

Michigan Legacy Credit Union (MLCU) is a member-owned, not-for-profit financial cooperative serving members who live, work, worship, attend school, or own a business in the state of Michigan. Michigan Legacy Credit Union is committed to providing quality financial services at a competitive price, delivered professionally and efficiently while keeping member/owners and their needs first. For additional information on MLCU, visit: www.michiganlegacycu.org.

In a financial pinch? Credit union CEO educates consumers on alternatives to traditional payday lenders and apps for emergency cash relief

On-demand cash payments, with affordable fees, now available through traditional financial institutions

Media Contact: Barbara Fornasiero; EAFocus Communications; barbara@eafocus.com ; 248.260.8466

Wyandotte, Mich. — November 22, 2021 — It has never been easier for consumers to access their money through payday lending services and the instant money apps that have proliferated since the pandemic; however, many are unaware of the costs associated in using these types of services and how quickly they add up.  Carma Peters, President and CEO of Michigan Legacy Credit Union (MLCU), sheds light on the inflated fees that payday lenders and digital cash-advance services charge for their offerings—penalizing the individuals who are most in need of the cash but can least afford the fees.

“I’ve always been unsettled by consumers wasting their money on additional fees to get their paychecks cashed or to get short-term loans to tide them over until payday,” Peters said. “At first glance, payday lenders seem innocuous enough because they give consumers the quick cash they need with a few weeks to pay it back, but what isn’t apparent is the annual percentage rate equivalent often surpasses 300%.”

Peters offers an example from Consumer Financial Protection Bureau data, which finds payday loan fees typically run $15 per $100 cash advance, in noting that an individual asking for a $300 loan would pay a $45 fee. That translates into an annual percentage rate (APR) of 400%—well over typical credit card APRs.  Peters also notes that data from the Center for Responsible Lending indicates that states with fewer regulations and no rate caps, which includes Michigan, have borrowers that can fall into the “payday loan debt trap,” where they continually have to reborrow to cover their previous payday loan.

In addition to debt traps, Peters cites other risks and disadvantages from using third-party lending apps, including privacy concerns; overdrafts and the high fees associated with them; the inability to effectively build up credit, just like with short-term small-dollar lending services; and the lack of personalized service when there are questions and problems.

MLCU—known for finding unique and individualized financial solutions for its members—has a history of granting credit to borrowers with lower credit scores and offers an on-demand payroll advance option called ‘Pay Me Now,’ which was introduced in 2021 and provides money for short-term purposes with lower fees. The credit union also offers loans for members who may need a larger, longer-term option, with NO fees to obtain the loan. (Note: anyone who lives, works or attends school in Michigan is eligible to join MLCU.)

“Many consumers are unaware they can look to traditional financial institutions like credit unions and banks to receive the same on-demand cash at a lower interest rate or fee, saving hundreds of dollars annually.”

Peters said. “Not only can they improve their financial situation, they can get the personal financial assistance they need for their own well-being and establish an ongoing, trusting relationship with their lender.”

About Michigan Legacy Credit Union

Michigan Legacy Credit Union (MLCU) is a member-owned, not-for-profit financial cooperative serving members who live, work, worship, attend school, or own a business in the state of Michigan. Michigan Legacy Credit Union is committed to providing quality financial services at a competitive price, delivered professionally and efficiently while keeping member/owners and their needs first. For additional information on MLCU, visit: www.michiganlegacycu.org.

Michigan Legacy Credit Union continues efforts to promote strong communities with $20,000 donation to Crime Stoppers of Michigan

Media Contact: Lucie Fornasiero; EAFocus Communications; lucie@eafocus.com; 248.925.6726

Wyandotte, Mich. — September 28, 2021 — Michigan Legacy Credit Union (MLCU), with five physical locations, in Flat Rock, Highland, Pontiac, Warren and Wyandotte, is pleased to announce it has made a  $20,000 donation to Crime Stoppers of Michigan. The announcement was made by Carma Peters, president and CEO of Michigan Legacy Credit Union.

The Crime Stopper donation reflects a continuing effort by Michigan Legacy Credit Union to support initiatives that strengthen communities.   Earlier this year, MLCU donated $10,000 to The Downriver Community Food Pantry and $15,000 to The Wyandotte Rotary Club.

Crime Stoppers of Michigan is committed to making communities where you live, work and play safer.  Serving seven counties in Southeast Michigan, Crime Stoppers of Michigan enables tipsters to anonymously report crimes via phone (1-800-SPEAKUP) or online (1800SPEAKUP.org) to help prevent and solve criminal activity, as well as working with victims of crime and also creating safe after school places for children, through Project Safe Campus.

“At Michigan Legacy Credit Union, we are always looking for ways to make an impact in the communities where we live and serve,” Peters said. “The work of Crime Stoppers of Michigan aims to make Michigan communities safer for everyone, safer communities means everyone thrives – and we are happy to support their mission.”

About Crime Stoppers of Michigan

Crime Stoppers of Michigan’s goal is to empower people to make their neighborhoods, schools, churches and businesses safer through the anonymous reporting of crime. Crime Stoppers of Michigan is an independent 501 (c)(3) nonprofit organization, and proud to be a part of Crime Stoppers International. Based in Southfield, the organization serves Livingston, Macomb, Monroe, Oakland, St. Clair, Washtenaw and Wayne Counties. For more information or to submit a tip, visit https://www.1800speakup.org/.

About Michigan Legacy Credit Union

Michigan Legacy Credit Union (MLCU) is a member-owned, not-for-profit financial cooperative serving members who live, work, worship, attend school, or own a business in the state of Michigan. Michigan Legacy Credit Union is committed to providing quality financial services at a competitive price, delivered professionally and efficiently while keeping member/owners and their needs first. For additional information on MLCU, visit: www.michiganlegacycu.org

Credit unions compelled to innovate as non-traditional competitors take hold

Michigan Legacy Credit Union answers the call to modernize amid fintech disruption

 Media Contact: Lucie Fornasiero; EAFocus Communications; lucie@eafocus.com; 248.925.6726

Wyandotte, Mich. — August 30, 2021 — Michigan Legacy Credit Union (MLCU)—with five physical branches in Flat Rock, Highland, Pontiac, Warren and Wyandotte—is answering the call to innovate as more big tech giants and retailers like Apple, Google, Amazon, and Walmart move into the fintech sector to offer traditional financial and banking services. Led by CEO Carma Peters, MLCU has taken several innovative measures to modernize its experience as part of a larger strategic direction that shifts to a smaller physical footprint and offers more digital interaction with members.

“With the rise of neobanks, combined with an increasing number of customers willing to handle their personal finances remotely as a result of the pandemic, brick-and-mortar banking is experiencing disruption, and the traditional bank teller and ATM experience is no longer enough,” Peters said. “The move to fully online banking affirms MLCU’s strategic branching system decision, as we are already seeing the value among our branches that has come with having less square footage of space.”

MLCU is converting all its locations to teller-less branches, utilizing smart ATMs to handle deposits and withdrawals. As part of the teller-less branch, MLCU adopted the Pop I/O video teller platform in which a member can open an account, apply for a loan, close a loan, including mortgage lending, and perform any maintenance such as change of address, fraud disputes and any other cashless services on their account through the video platform. This technology allows members to join from the comfort of their home, vacation or wherever they happen to be from their convenience of their phone. A key objective is to provide one-on-one service utilizing technology in a non-threatening environment, along with non-contact transactions that keep members and staff as safe as possible.

“We saw in-person transactions and member lobby interactions start to decline even before the pandemic, so this strategic decision was easy to make; when the pandemic hit, though, online took off,” Peters said.

In 2020, MLCU had 50,000 more online transactions in April than in March—a 38% increase. More recently, online channels have increased 33% in 2021.

While the call to innovate could be intimidating for smaller financial institutions, it shouldn’t be.

“You do not have to be a large financial institution to adopt new technology at prices you can afford. Most of it is thinking outside the traditional box and finding the ways to make solutions work for your credit union,” Peters notes.

MLCU’s innovation efforts haven’t gone unnoticed. In December 2020, the renovated Wyandotte branch reopened, designed as a nostalgic community gathering spot, reminiscent of a 60s era diner, and complete with a jukebox encased ATM machine. Michigan Credit Union League announced the Wyandotte branch of Michigan Legacy Credit Union as an Innovation Award winner earlier this year.

And the modernization won’t stop there.

“Eventually, our goal is to provide 24-hour service, utilizing staff to be on call for the video platform anytime it is convenient for members,” Peters shared. “We will continue to adapt as our world changes – rapidly.”

About Michigan Legacy Credit Union

Michigan Legacy Credit Union (MLCU) is a member-owned, not-for-profit financial cooperative serving members who live, work, worship, attend school, or own a business in the state of Michigan. Michigan Legacy Credit Union is committed to providing quality financial services at a competitive price, delivered professionally and efficiently while keeping member/owners and their needs first. For additional information on MLCU, visit: www.michiganlegacycu.org.

Michigan Legacy

Michigan Legacy Credit Union successfully hosts Underground Collision event

Media Contact: Lucie Fornasiero; EAFocus Communications; lucie@eafocus.com; 248.925.6726;

Warren, Mich. — August 23, 2021 — Michigan Legacy Credit Union (MLCU), with five physical branches in Flat Rock, Highland, Pontiac, Warren and Wyandotte, was pleased to host the Underground Collision event on August 18 in Warren, Michigan. Undeground Collision was started by Mitchell Stankovich & Associates, a strategic consulting group that focuses on credit unions. “The Underground” brings together credit union thought leaders to have conversations that challenge the status quo and propose innovative ideas for the future of the industry.

While the Underground Collision event is typically held as part of a larger credit union conference, this year’s stand-alone event came about due to the challenges presented by COVID-19 to gather nationally, according to MLCU President and CEO, Carma Peters.

“I am always looking for opportunities to convene with and learn from industry colleagues on ways to keep our credit unions ahead of the curve, but it’s especially important now in this rapidly changing environment,” Peters said. “At a time that we really need it, our conversations at The Underground event have me thinking about what’s next for Michigan Legacy – and I’m sure the same is true for my industry colleagues.”

The event attracted 85 attendees from credit unions across Michigan and Ohio. Conversations centered around the future of branches and work, diversity, equity and inclusion (DEI), and reframing innovation in a post-pandemic world. In addition to Michigan Legacy Credit Union, the event was sponsored by CU*Answers, Xtend, Holzman Law, Alloya, CUNA Mutual Group, Michigan Credit Union League, and TPG. (Thompson Phelan Group)

Peters was joined by Scott McFarland, President and CEO of Honor Credit Union, in presenting to the group on the future of branches and work, and the need for continuous innovation – including the need for more advanced technology. Peters noted that MLCU looks at data on member engagement and branch utilization to help determine what the right innovation paths may be to best serve their population.

Additional speakers for the day included:

  • Amanda Denney, Director of Diversity, Equity & Inclusion at MSU Federal Credit Union
  • Esteban Camargo, Manager of Communications and Content Marketing at CU*Answers
  • Liz Winniger, President/CEO at Xtend, Inc.
  • Jennifer Martines, Executive Vice President at FreeStar Financial Credit Union

Based on the success this year, Peters looks forward to hosting a similar Michigan event in 2022.

About Michigan Legacy Credit Union

Michigan Legacy Credit Union (MLCU) is a member-owned, not-for-profit financial cooperative serving members who live, work, worship, attend school, or own a business in the state of Michigan. Michigan Legacy Credit Union is committed to providing quality financial services at a competitive price, delivered professionally and efficiently while keeping member/owners and their needs first. For additional information on MLCU, visit: www.michiganlegacycu.org.

Michigan Legacy Credit Union donates $25,000 to local charities as part of Wyandotte branch renovations and grand re-opening celebration

Media Contact: Lucie Fornasiero; EAFocus Communications; lucie@eafocus.com; 248.925.6726

Wyandotte, Mich. — July 1, 2021 —In tandem with the June 11 celebration of the renovation of its Wyandotte, Michigan headquarter branch, Michigan Legacy Credit Union CEO Carma Peters announced major financial donations to two area non-profits: The Downriver Community Food Pantry and the Wyandotte Rotary Club.

The Downriver Community Food Pantry, a Wyandotte-based organization focused on feeding the hungry and based behind St. Patrick Catholic Church, received a $10,000 donation. The Wyandotte Rotary Club, a member club of Rotary International, a global service organization that exists to put service above self and to network leaders together to strengthen the community, received $15,000.

“As a credit union, we rely on our valued members and the communities we serve for mutual success, so it is with a grateful heart that Michigan Legacy makes these donations to local charities who are doing so much good for our neighbors,” said Peters.

The renovated Wyandotte branch follows a theme of a 50’s style diner prototype slated for several branches. The goal is to emphasize the customer service ethos of a time gone by, showcasing nostalgia and good feelings within a functional space boasting the most modern banking tools available to credit unions, including virtual tellers. Leading technology, a fun theme and an exhilarating color scheme of blue, orange and green are helping staff and members alike are flourish in the vibrant new environment.

 

About Michigan Legacy Credit Union

Michigan Legacy Credit Union (MLCU) is a member-owned, not-for-profit financial cooperative serving members who live, work, worship, attend school, or own a business in the state of Michigan. Michigan Legacy Credit Union is committed to providing quality financial services at a competitive price, delivered professionally and efficiently while keeping member/owners and their needs first. For additional information on MLCU, visit: www.michiganlegacycu.org.