Lenco Credit Union is headquartered in ADRIAN and is the 131st largest credit union in the state of Michigan. It is also the 1,939th largest credit union in the nation. It was established in 1970 and as of December of 2013, it had grown to 17 employees and 6,363 members. Lenco Credit Union has a B+ health rating.
Field of Membership Restrictions
Must live, work, worship or attend school in Lenawee County. - See Details
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Lenco Has Been Great For Me...
I have been a member of Lenco Credit Union for over ten years and I must say they have been a pleasure to deal with. First off, the employees are very nice, which has made my banking with them much better. Being a local company, you really get the feeling they value your business. From my weekly dealings with the tellers, to the few times I’ve sat down with a manager to discuss larger loans and transactions, they all have been very helpful. I also like their website very much, it is simple to understand and not cluttered with a bunch of offers and ads. The best part of Lenco is that they are very solid financially, and I know they will be there in the future to continue to service my loans. At Lenco, you don’t get the feeling like you are only valued by the size of your account (like at the big banks) you actually feel the appreciation they have for your business. If you live in Lenawee County and have a need of a loan, you should speak to Lenco Credit Union. They worked very closely with me on my loans, provided competitive rates, and terrific customer service every time I called or visited the branch.
Data for Q4 2013
Institution Health
Texas Ratio
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Lenco Credit Union had $82,000 in non-current loans and owned real-estate with $5.52 million in equity and loan loss allowances on hand to cover it. This gives Lenco Credit Union a Texas Ratio of 1.49% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for Lenco Credit Union decreased dramatically from 3.25% as of December 31, 2012 to 1.49% as of December 31, 2013, resulting in a positive change of 54.32%.This indicates that the balance sheet and financial strength for Lenco Credit Union has improved dramatically in recent periods.
Deposit Growth
In the past year, Lenco Credit Union has increased its total deposits by $5.16 million, resulting in 9.27% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Lenco Credit Union has shown is excellent.
Capitalization
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Lenco Credit Union has $66.4 million in assets with $5.52 million in equity, resulting in a capitalization level of 8.31%, which is average.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 60991 |
| Year Chartered | 1970 |
| Employees | 17 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $66.40 million |
| Loans | $24.64 million |
| Deposits | $60.77 million |
| Equity Capital | $5.43 million |
| Loan Loss Allowance | $83,000 |
| Unbacked Noncurrent Loans | $82,000 |
| Real Estate Owned | $0 |
| Historic Data - December 2012 | |
|---|---|
| Assets | $61.31 million |
| Equity Capital | $5.43 million |
| Loan Loss Allowance | $100,000 |
| Unbacked Noncurrent Loans | $82,000 |
| Real Estate Owned | $0 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 4.38% |
| Return on Assets | 0% |
| Return on Equity | 0.04% |
| Interest Income | $1.58 million |
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Lenco Credit Union Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.25% | - | - | Regular Share Account | |
| 0.25% | - | - | Secondary Share Account | |
| 0.15% | - | - | Christmas Club Account |
Lenco Credit Union Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.35% | $2,500 | - | Money Market Account |
Lenco Credit Union Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.15% | - | - | Share Draft Account |
Lenco Credit Union CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.26% | $3k | - | 60 Month CD | |
| 1.00% | $3k | - | 48 Month CD | |
| 0.70% | $3k | - | 36 Month CD | |
| 0.55% | $3k | - | 24 Month CD | |
| 0.55% | $3k | - | 30 Month CD | |
| 0.45% | $3k | - | 12 Month CD | |
| 0.45% | $3k | - | 15 Month CD | |
| 0.45% | $3k | - | 18 Month CD | |
| 0.45% | $3k | - | 21 Month CD | |
| 0.30% | $3k | - | 6 Month CD | |
| 0.30% | $3k | - | 9 Month CD | |
| 0.25% | $3k | - | 3 Month CD |
| Lenco Credit Union Locations | ||
|---|---|---|
| Branch Office | 1455 E US Highway 223 | Adrian, MI 49221-4213 |
| Branch Office | 615 W Maple Ave | Adrian, MI 49221-1630 |