Anderson-based credit union opening Martin University office

Anderson-based Lampco Federal Credit Union plans to open a part-time office at Martin University in Indianapolis as part of the credit union’s wider efforts to gain membership in Marion, Hancock and Hamilton counties.

Lampco was established in 1962 to serve local employees of Guide Lamp, a division of General Motors. The credit union later expanded its reach, making membership available to anyone who lives, works, worships or attends school in Madison County. It currently has two physical locations, both in Anderson.

Last fall, the National Credit Union Administration granted approval to Lampco to expand its field of membership into Marion, Hamilton and Hancock counties, which allows the credit union now to add members who live, work, worship or attend school anywhere in the four-county area.

This month, Lampco announced it formed a partnership with Martin University. The credit union has already installed an interactive teller machine, or ITM, on Martin’s campus, allowing users to interact via video with live tellers in Anderson.

Lampco also plans to open an office at Martin University that will offer financial literacy services such as workshops on budgeting, saving and managing student debt.

“Believe it or not, we’re not pitching loan products. We’re just kind of teaching,” said Lampco CEO Migual Patterson.

Lampco does hope to build relationships and gain members through the Martin University office, Patterson said. To become a member, individuals need only open an account with a minimum deposit of $5.

Lampco expects to open the Martin University office within the next few weeks, Patterson said, with the goal of staffing that office about 12 hours a week and by appointment. The office and its services will be available to Martin students, faculty and staff as well as to the general public.

Martin University did not respond by deadline to IBJ’s questions about where on campus the office will be located or when it will open.

Lampco’s core focus is on low-income and underserved populations, and one of the main ways it reaches potential members is by forming partnerships with churches, schools and nonprofit organizations.

As of last quarter, Lampco had $74 million in assets and about 7,700 members.

Martin, which is Indiana’s only predominantly Black higher education institution, was founded in 1977 by Boniface Hardin, a Benedictine monk whose goal was to serve low-income, minority and adult learners. As of the 2023-2024 school year, the university’s student enrollment was 231.

Also as part of Lampco’s expansion push, the credit union is planning to install ITM machines at locations to be announced in Hamilton and Hancock counties. Those machines should be up and running in the second quarter of 2025, Patterson said.