The Chicago skyline. Credit/Shutterstock
Michigan State University Federal Credit Union said it plans to open five branches in Chicago next year — its first outside its home state.
The East Lansing credit union, which also goes by the acronym MSUFCU, had $7.5 billion in assets and 343,813 members as of March 31, which is 5.7% more members than a year earlier. Credit union spokeswoman Danielle Deneau said 10,000 Michigan State alumni live in the Chicago area and "thousands" of residents are existing members.
"Over the years, we have had many requests to expand to Chicago from our credit union members and other members of the MSU community," Deneau said.
April Clobes, the credit union's president/CEO, said that base of Chicago members and potential members provides an opportunity to grow.
"Expansion into the Chicago market is an important initiative we have been preparing for in order to better serve our members, MSU alumni, and their families in the area," Clobes said.
The new branches will be located in the Lakeview, Lincoln Park, Wicker Park, Gold Coast and Old Town neighborhoods.
April Clobes "We are eager to provide in-person support and expanded access to our comprehensive suite of financial products," Clobes said. "These new branches serve as a tangible realization of our credit union's mission, as we embrace the opportunity to engage with the Chicagoland community, empowering them to achieve financial security, pursue their goals and ultimately their dreams."
The credit union said the new branches will have community spaces to host events, provide financial education opportunities and collaborate with local community partners.
NCUA data showed the credit union had 24 branches and other locations on March 31, three more than a year earlier and all in Michigan. The credit union said it has offered services digitally to members outside of the state of Michigan for many years. It sells mortgages in Michigan and 18 other states.
READ MORE: Credit Unions Continue Adding Branches
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