Karen Koundourakis, Florida Chief Retail Officer, Lake Michigan Credit Union

Karen Koundourakis, Florida chief retail officer of the Lake Michigan Credit Union (LMCU), sat down with Invest: to discuss the profound emphasis their credit union places on community outreach and ensuring that every aspect of their operations keeps the health and prosperity of the Tampa Bay community at the forefront. “At LMCU, we reinvest profits into lower rates, better services, and member-focused programs, to ensure financial accessibility and reduce stress,” she said.

Could you provide us with an overview of Lake Michigan Credit Union and its footprint in Florida?

LMCU is committed to its members, and that commitment lasts a lifetime. We want to be there

for you at every step of your financial journey. A good number of our Michigan

members either move to Florida or like to winter here, so our Michigan-to-Florida connection is strong. That’s why we initially came to Florida, so our members can continue to

visit our branches for the personalized service and award-winning products they

expect from us — but it ended up becoming so much more, since a lot of lifelong Floridians really resonate with our mission, too. Now, LMCU has 21 branches in Florida, with seven in the Tampa Bay region and 14 from Fort Myers to Naples. We are one of the fastest-growing credit unions in the market. Because of our member-first philosophy, we have close to 650,000 members and over 1,600 employees serving those members. Our core purpose is to help all members achieve their dreams for a lifetime. When that purpose crossed state lines, we were welcomed by the Florida communities we serve, which has fueled our growth. 

Can you share a few of the key milestones earned by the LMCU over the past year?

We opened the doors to three new branches, helped over 8,000 members with their home financing (including two Florida families who were eligible for the LMCU HomeAssist down payment program providing up to $10,000), had 960 LMCU employee volunteers give 8,640 hours of their time, and donated over $1,000,000 to causes directly impacting the communities we serve. We are very proud of the local impact we make in our communities, from serving their financial needs to helping our local nonprofit partners. 

What is your take on what makes Florida and the Tampa region an ideal market for LMCU, and how does the economic state of demographic growth shape your strategies?

Tampa Bay is currently ranked fourth in emerging markets. I live, work, and worship in Tampa Bay and can attest to the region’s unique qualities and dynamic opportunities for residents and businesses.

We found that our mission and member benefits really resonate with people across the area. Turns out everyone likes earning more when they save and paying less when they borrow — and we make it easy! Demand has only grown in the Tampa Bay area. 

LMCU has a broad spectrum of comprehensive services and specializes in such consumer products as mortgages, personal accounts, and other financial solutions. We are also experts in business and commercial banking, offering full-suite treasury products and loans for established and growing businesses, as well as the ability to support new companies relocating to Tampa.

We’re so grateful to our Florida communities for embracing us, and we look forward to opening additional locations to serve even more Florida residents.

Are there any growth opportunities you see for Tampa’s economy, and what sectors are thriving?

In the Tampa Bay market, financial services, healthcare, and technology are thriving. In terms of opportunities, affordable housing and transportation need to be top-of-mind issues. Rising costs make LMCU’s mortgage programs vital for helping families access homeownership with down payment options as low as 0-3%. Transportation is also essential for economic growth and quality of life, with a focus on sustainable infrastructure solutions.

Unlike commercial banks, credit unions are owned by their members. Our decisions center on our members’ well-being, and we align our organizational values with personal integrity. Again, LMCU reinvests our profits to make our rates even lower and our services even better.

How do you view technology’s role in the future of credit unions?

I am deeply invested in technology and currently sit on a few AI and data governance boards. Technology enhances efficiency, allowing employees to focus on building relationships and having life-changing financial conversations. My task is to analyze the tools and technology that I can implement, so my team has the capacity to do what they do best. I am passionate about using technology to encourage fulfilling careers for our employees. We offer our people opportunities to grow through education, exposure, and advancement and continue to prepare them for emerging roles, like AI prompt writers. Technology, when used to better the member experience, will only continue to help shine a light on the credit union difference.  

Are there any challenges or opportunities you are observing within Tampa Bay’s talent pool, and how are you attracting and retaining top talent?

The Tampa Bay area’s talent pool is abundant, and to attract top talent, we’re always looking at our offerings to make sure we’re competitive and meeting the needs of our employees. We also offer robust training programs that ensure our workforce is fully prepared and confident to meet the needs of our members, while also preparing them to progress in their careers. 

We also offer internship programs and are looking to expand our partnerships with local universities to offer internships in data governance, AI, and other emerging fields. Our focus is on equipping interns with skills and exposure through collaboration with industry partners.

Are there any specific regulatory trends that might impact your operations?

We are keeping our eyes on all emerging discussions and policies. First and foremost, we are a financial institution and take our responsibility to operate safely and meet our fiduciary obligations seriously. We are monitoring global trends in Europe, particularly in Germany, around AI and financial services. Our ultimate goal is to continue using technology to make us better and stronger while operating safely. We essentially focus on ensuring LMCU meets fiduciary responsibilities while exploring opportunities for growth and innovation.

What are your priorities for LMCU’s future growth, and what is your outlook for the economic future of the Tampa Bay region?

We are extremely optimistic about Tampa Bay’s future. Our community is vibrant, diverse and dynamic, and our growth is driven by infrastructure improvements and sustainable strategies. I am excited and humbled to be a part of LMCU. Our team is going to make all the difference as we move forward. Our communities and partnerships will propel us into the future, and I am excited for LMCU’s future. We will continue to focus on expanding services while honoring our mission to serve the community.

Credit unions are built on the mission of helping people. LMCU integrates community service into strategy sessions, like volunteering at Trinity Cafe to support local homeless populations. Our dedication to serving the community remains central to LMCU’s growth and operations.