Stronger Together

ATTENTION Torch Lake FCU Members: New Peninsula FCU debit cards CANNOT be used until 7/31. Continue to use your Torch Lake FCU debit cards at this time.

BILL PAY: You could receive $20! Enroll in Peninsula FCU Bill Pay during the month of August and you will recieve a $20 deposit! Torch Lake FCU members only.

Need help with mobile or online banking? Check out these helpful videos!

tutorial videos

What is Changing for Torch Lake FCU Members?

Account Number

As part of the Peninsula FCU merger, your account number will be uopdated to a 7-digit format. To ensure a smooth transition, we have automatically updated your account number.

The new account number has been created by adding a "5" to the beginning of your existing account number, followed by zeros to complete the 7-digit format.

For example:

If your Torch Lake FCU account number is 12345, your Peninsula FCU account number will be 5012345.

If your Torch Lake FCU account number is 123456, your Peninsula FCU account number will be 5123456.

Savings VS. Checking

Your savings account will have a suffix of "000".

Example: 5123456-000

Your checking account will have a suffix of "020"

Example: 5123456-020

Peninsula FCU Routing Number: 291172637

What is happening with Bill Pay?

You should print any information from your current Bill Pay accounts. The information cannot be transferred to Peninsula FCU.

As of August 1, 2025, you will have full access to Peninsula FCU’s Bill Pay and will be able to set up any payments. Those that enroll in Peninsula FCU Bill Pay in August 2025 will receive a $20 deposit. Torch Lake FCU members only.

Bill Pay signup can be completed in your online/mobile banking.

Online Banking

To register for Peninsula FCU online banking:

1. Visit peninsulafcu.com

2. Click on the "it'sme247" box in the upper left corner

3. Select "First Time User"

4. Enter your account number and full Social Security Number to create an online banking profile

Mobile Banking

To register for Peninsule FCU mobile banking

1. Download the "Peninsula Federal Credit Union" app from the app store

2. Open the app and tap "Sign In" in the upper right corner

3. Select "First Time User"

4. Enter your account number and full Social Security Number to create an online banking profile

Debit Card Information

Your new debit card was mailed out to you on July 10, 2025. You can activate your card as soon as you receive it. However, new cards cannot be used until July 31, 2025. Torch Lake FCU debit cards can be used through July 30, 2025.

Savings Account: $25 to $5

The $25 that is secured in your current savings accounts will drop to $5 upon the merger with Peninsula FCU. The additional $20 will be available in your account.

Statement Information

The final statement you receive from Torch Lake FCU will come as a paper statement regardless of your e-statement enrollment. If you are enrolled in e-statements, you will continue to receive e-statements post-merger. Enrolling in free e-statements can be done in online/mobile banking or by calling the credit union.

Direct Deposits

Your direct deposit (Payroll, SSA/SSI, VA, Retirement) will continue to follow your account from Torch Lake FCU to Peninsula FCU.

Credit Life/Disability

If your loan currently has debt protection, you will receive information in the mail regarding opting in to Peninsula FCU’s debt protection program. This information will be sent by June 25, 2025.

Phone Calls

As of August 1, 2025, all calls will be routed to Peninsula FCU’s Call Center. You may request to speak with someone at the Laurium branch.

Checks Moving Forward

All current Torch Lake FCU checks can be used up before ordering new checks from Peninsula FCU. Up to 12 free temporary checks can be requested at the branch per month.

Dividends

You will begin to receive monthly dividends in your checking accounts beginning August 31, 2025.

Perks Points

With Peninsula FCU's Peninsula Perks Program, you earn benefits for just being a member! The more Products and Services you have, the higher your level and the more benefits you will receive.

Perks points can be redeemed for benefits such as free boxes of checks, waived fees, increased certificate rates, decreased loan rates, cash back and MORE!

Torch Lake Federal Credit Union and Peninsula Federal Credit Union announce their intent to merge for the benefit of members, employees and the communities they serve. Following completion of the merger, which is subject to approval from the Torch Lake Federal Credit Union’s members, the new credit union will have four branches across the Upper Peninsula & Northeast Wisconsin. The proposed merger, which is expected to be completed tentatively July 31st, 2025 has the unanimous approval of both the Torch Lake Federal Credit Union and the Peninsula Federal Credit Union Board of Directors and their respective leadership teams. In March, Torch Lake Federal Credit Union members voted and approved the merger with Peninsula Federal Credit Union.Torch Lake FCU member vote was passed on March 26th.

Members will experience no immediate changes as the two organizations will operate independently until systems and processes are integrated and operational. Upon completion, the combined organization will operate under the Peninsula Federal Credit Union name. In recognition of the strong and proud histories of both Torch Lake Federal CU and Peninsula Federal CU, employees and members of both organizations will work together to develop a combined brand experience that honors both entities roots with a future-forward vision.

"Growth demands change and change requires courage; Torch Lake's founding members had the courage to offer our local communities a new way of "banking" in 1955 and now our membership has the opportunity to expand their financial opportunities by becoming Stronger Together with Peninsula Federal Credit Union."

-Connie Mikkola, CEO of Torch Lake Federal Credit Union

"We are excited for the opportunity to earn your trust and to become your financial partner. We will strive to provide you with the best products and services possible."

-James Veneskey, President & CEO of Peninsula Federal Credit Union

Torch Lake FAQs

FAQs

What Does This Announcement Mean?

What Does This Merger Mean For Members?

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.

Will This Merger Affect My Membership?

Will My Accounts Be Affected?

Will My Rates Change?

Will My Accounts Continue To Be Insured?

Will I Continue To Get The Same Level Of Service?

Are Any Employees Losing Their Job As The Result Of The Merger?

How Will This Merger Benefit Credit Union Employees?

Will You Close Branches?

Questions?

If you have any questions or concerns that are not addressed in the FAQs above, please email marketing@peninsulafcu.com.

About Us

About Peninsula Federal Credit Union

Picture of the front of the main headquarters of PFCU in Escanaba, showing the ITMs and building Peninsula Federal Credit Union is a $328 million financial cooperative headquartered in Escanaba, Michigan. Established in 1941 as the credit union for employees of Escanaba Paper Company and their families. Today, PFCU serves over 15,000 members across the Upper Peninsula and Northeast Wisconsin. PFCU has a proud legacy of serving members with low or no cost financial services, cutting edge technology and plays an integral part of the communities they serve. With three branches in Escanaba and Menominee, Michigan, members have additional access through the mobile app as well as more than 5,600 branches in a shared CO-OP network plus over 30,000 surcharge-free ATMs nationwide. Federally insured by NCUA. Equal Housing Lender.

About Torch Lake Federal Credit Union

Picture of town in Lake Linden, MI during winter Torch Lake Federal Credit Union is a $11 million financial cooperative headquartered in Laurium, Michigan. Established in 1955, in Lake Linden to offer financial services to the members of the Knights of Columbus Torch Lakes Council #2713, employees of the credit union and their families. Today, Torch Lake Federal Credit Union serves over 1,600 members from Dollar Bay north to Copper Harbor. Torch Lake Federal CU is focused on providing new financial services in an ever-changing market and their members are the heart & soul of the credit union. Federally insured by NCUA. Equal Housing Lender. For additional information visit, torchlakefederal.com.