Seven credit unions have received state approval to commence business as Credit Union Trust.
The new entity is the first special purpose bank in Michigan organized by credit unions to primarily serve the needs of credit union members.
It received state approval to begin the process of forming in November and is now open.
Michigan credit union members are now able to access trust- and investment-related services from the same credit union family.
“This is an important step for Michigan credit unions and their members,” said Robert Sajdak, president and CEO, Credit Union Trust. “It’s the culmination of two year’s effort, and we’re proud of what we’ve been able to accomplish for all Michigan credit union members.”
Credit Union Trust operates through a statewide network of credit union branches and is headquartered in Farmington Hills, at 31155 Northwestern Highway.
It offers fiduciary, trustee and related services and provides solutions for foundations, nonprofits and other community-based entities.
The seven organizing credit unions and shareholders of Credit Union Trust
Honor Credit Union, Berrien Springs — 24 locations
Team One Credit Union, Saginaw — 12 locations
Alpena Alcona Area Credit Union, Alpena — seven locations
Frankenmuth Credit Union, Frankenmuth — 23 locations
Community Choice Credit Union, Farmington Hills — 20 locations
ELGA Credit Union, Burton — 11 locations
Members First Credit Union, Midland — 11 locations