This exciting announcement means that Torch Lake Federal Credit Union is moving forward with a proposed merger with Peninsula Federal Credit Union. This merger represents a strategic partnership between two forward thinking credit unions for the benefit of members, employees, and the communities we serve. 

A merger between Torch Lake Federal Credit Union and Peninsula Federal Credit Union allows us to provide a greater member impact and value through:

• Increased Member Access:

Through this partnership our field of membership expands, and we can serve more people and communities throughout Upper Michigan and Northeastern Wisconsin. Together we will have 4 branch locations to serve our members.

• Expanded Products/Services:

Through this partnership, members will gain access to expanded products and services. A few examples of those are:

• • Access to more competitive deposit and loan rates.
  • Additional products and services, such as Mortgages, IRAs (Individual Retirement Accounts), Money Markets, etc. 
  • Digital enhancements including access to mobile texting and chat features.
  • An electronic banking upgrade, giving you enhanced accessibility with improved reliability and convenience and access to see your most current credit score.
  • Push Notifications, giving you a more tailored banking experience with advanced security to ensure your banking information remains safe.
  • Access to Peninsula Federal Credit Union’s after hours call center, making the ability to do business with us when you need it even more convenient.
• Enhanced Member Experience:

Through streamlined processes, expanded products/service offerings, and innovative digital solutions, we will enhance member satisfaction and loyalty. By leveraging the strength of both credit unions and reducing our costs, we will provide an unparalleled level of service, convenience and return more value in the form of products, service, and community involvement to existing and future members.

• Community Impact:

As community-based financial institutions, we are committed to making a positive impact on the communities we serve. Through combined resources and expanded outreach programs, we will strengthen our ability to support local initiatives, promote financial literacy, and foster economic growth throughout Michigan counties.

• Stability and Security:

Combining our organizations, positions us with greater financial strength and stability. By joining forces with PFCU, members will benefit from a stronger institution with increased capital reserves and robust risk management practices, providing greater peace of mind and security for their deposits.

• More Responsive to Evolving Financial Needs:

This partnership positions the credit union to better anticipate and meet the financial needs of members in a competitive financial services industry.

• Enhanced Digital Banking Products:

Together we will be able to constantly assess and improve our technology solutions and make sure we’re providing “the best” digital banking we can for members now and into the future.

• Same Knowledgeable, Friendly Employees:

The same friendly staff at Torch Lake Federal Credit Union will continue to serve you. 

No. On the date of conversion, members of Torch Lake Federal Credit Union in good standing will become members of Peninsula Federal Credit Union. 

There is no effect to your account or account numbers at this time. Eventually, members will convert to PFCU’s core operating systems to enhance capabilities. As that time approaches, the credit union will work to ensure a seamless integration, and communicate important dates, changes, and next steps to ensure members can continue to conduct business with minimal disruption.

The rates on fixed-rate loans and certificates will remain the same until the end of their existing terms. Other products will adjust as normal due to market conditions.

Yes. Credit Union deposits will continue to be federally insured by the NCUA, meaning you have up to $250,000 in protection for an individual account. The NCUA provides separate insurance coverage for deposits held in different ownership categories such as individual accounts, joint tenancy accounts, and Individual Retirement Accounts (IRAs). PFCU also has Excess Share Insurance (ESI) which covers up to $1,000,000. ESI is exclusive to Credit Unions and PFCU is currently the only credit union in the Upper Peninsula offering this protection to qualified member accounts.

Yes. Both organizations are committed to providing high levels of service for members and this will continue to be a focus for the combined organization.

No. Both credit unions recognize the importance of retaining talented and dedicated employees and a successful merger is dependent on that talent and leadership.

As an organization grows, so does its workforce. We believe our ability to invest in the success of our people will expand as opportunities for professional growth and development increase. The member-facing staff in the locations you visit will remain in those locations unless they decide to explore a new opportunity.

At this time there are no plans for any branch closures. In fact, this merger will provide an opportunity to expand our branch locations and enhance our digital member experience. Peninsula Federal Credit Union locations will not be immediately available to Torch Lake Federal Credit Union members and vice versa. As the merger progresses, we will announce when these locations will be available for members.