GRAND RAPIDS — The board of directors for MSU Federal Credit Union (MSUFCU) today announced its plans to open a branch in downtown Grand Rapids later this year.
The financial institution said in a statement that it will open a 3,365-square-foot branch on the ground floor of the 86 Monroe Center NW building this fall, in a space that previously was occupied by Independent Bank, which moved across the street last month.
MSUFCU said it has approximately 5,000 members living within 10 miles of the planned branch.
“The decision to expand to Grand Rapids is part of our long-term growth strategy to better serve our existing members and over 13,000 MSU alumni there,” April Clobes, president and CEO of MSUFCU, said in a statement. “After receiving significant member requests regarding the need for branch access to our products and services in the area, we are excited for the opportunity to serve the Grand Rapids community.”
Also home to the regional headquarters of health insurance organization Blue Cross Blue Shield of Michigan, the 86 Monroe Center building is owned and managed by Rockford Construction Company Inc.
MSUFCU was represented by Jeff Karger, senior vice president in the Grand Rapids office of commercial real estate brokerage Jones Lang LaSalle (JLL).
The third-largest credit union in the state, MSU Federal Credit Union has 17 offices in the Lansing area with $3.41 billion in assets and 230,851 members as of Dec. 31, 2016. Loans totaled $2.47 billion at year’s end, with $128.2 million in member business loans. Deposits were $2.95 billion, according to a quarterly financial report filed with the National Credit Union Administration.
The credit union reported 2016 net income of $31.5 million.