The $1.5 billion Lake Trust Credit Union in Lansing, Mich. plans to build a 100,000-square-foot headquarters in Brighton, a community between Lansing and Detroit.
In its announcement made earlier this week, the credit union said construction of the $30 million headquarters could be completed by 2015, and it will join a workforce currently split between old corporate offices in Lansing and the Detroit suburb of Plymouth.
Operating two aging corporate offices was the result of the merger in 2010 between NuUnion Credit Union and Detroit Edison Credit Union that formed Lake Trust. Since then, Lake Trust also has been operating a small administrative office in Brighton as a central location for the management teams from both credit unions to operate from.
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Maintaining current operations in Lansing and Plymouth became increasingly expensive, however, and would have cost credit union members an estimated $7 million more over the next 20 years compared to building a new energy efficient facility, the credit union said.
"So our decision to build a new corporate headquarters in Brighton brings three of our current locations together as s result of this transaction," said David Snodgrass, president/CEO.
In addition to investing $30 million in the new headquarters, Lake Trust is committing another $10 million for retail expansion plans over the next five years.
"While we are building this new centrally located headquarters, we will also be investing in Lansing and Plymouth, as well as some other locations in the state from the retail branch perspective," Snodgrass said. "Lake Trust recognizes we must invest in our operations and the many communities we serve. I think we are moving from a post-merger mentality as an organization to a more thoughtful, growth strategy."
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
