To enhance our membership's financial well-being
by providing reliable & affordable financial products
while welcoming new members to the credit union way of
In the mid-1950s, a group of like-minded community members gathered with the foresight to see a need for an alternative way of “banking”. With this ambition, our founders created the Torch Lake Council #2713 Knights of Columbus Federal Credit Union - quite a mouthful! Our credit union was formally established on February 16, 1955 as a cooperative method of offering Share Savings accounts and affordable loan financing to the members of the Knights of Columbus Torch Lake Council #2713, employees of the credit union, and their families.
Our original board members were Louis G. Koepel, Harry J. Trainor, A.J. Beaudry, Leo Pflugi, Paul Hainault, Lawrence Dupuis and Robert Mayotte. The credit union business in the early days was conducted in the home of Harry Trainor, and a few years later the credit union moved to Peter Pini's home. On June 25, 1959, it became a community credit union known as it is today - the Torch Lake Federal Credit Union. The credit union had various locations in Lake Linden as it grew in membership; most notable was our 100 Calumet Street address which was built in the mid-1990s. In 1996 as our membership grew it was decided we open a branch office in the Calumet/Laurium area expanding our brick and mortar presence; the Lake Linden office served as our Main Office.
Offering two locations was a milestone for a credit union with its humble beginnings in a board member's home. However, the economic downturn beginning in 2008-2009 brought with it very difficult decisions, and in 2010 it was decided to close an office to become more centrally located for our chartered membership resulting in reduced expenses and the ability to remain operating independently. Our Lake Linden office closed in October 2011 and all operations transferred to our Laurium office with our focus remaining independent-Member-Owned and Locally Governed. The closure of the Lake Linden office was bittersweet; this was where we began and the community spirit and camaraderie is something you don't forget, and we have not.
We continue to champion our founders ideals of community and lending a supportive hand to a neighbor in need through donations to local events such as family fun days, special interest events, and local groups. We pay tribute to our founders by remaining independent and we are ever mindful of our dedication to our members. Each decision is first debated with a simple question: “How can we better serve our members?”
As with any business, we have changed with the times by offering new financial products, and we are proud to offer Share Savings, Share Draft Checking, Share Certificates, Personal-Auto-Home Loans, Visa ATM/debit and credit cards, Online Banking, and most recently Fixed Home Equity Loans and our very convenient Mobile App. Our goal as a credit union is to keep on trend with available financial products while being conscientious of our budget and good stewardship of our membership to keep products affordable.
And although we adapt to an ever-changing market, some things remain the same: our members are the heart and soul of our credit union.
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