Published in Finance

United Federal Credit Union to buy former Whirlpool offices for new HQ

BY Wednesday, April 17, 2019 11:47am

ST. JOSEPH — United Federal Credit Union plans to buy a former Whirlpool Corp. office building in St. Joseph for its new corporate headquarters.

The 80,000-square-foot office on Hilltop Road will accommodate growth plans and house credit union staff now working at corporate offices on South State Street in St. Joseph and in Niles. Construction and redesign of the former Whirlpool building should take about a year.

Terry O’Rourke, president and CEO of United Federal Credit Union

“We will be able to bring more teams together in one space, and have the room to attract new talent and create a first-class working environment for our outstanding employees,” United Federal President and CEO Terry O’Rourke said in a statement.

United Federal Credit Union and Whirlpool worked with the economic development organization Cornerstone Alliance to create a commercial rehabilitation district for the property.

Terms of the property sale were undisclosed. An announcement today about the purchase did not provide an amount the credit union plans to invest to prepare the building.

United Federal Credit Union has 33 offices in Michigan, Arkansas, Indiana, Nevada, North Carolina and Ohio. Nine of the locations are in Southwest Michigan.

One of the largest credit unions based in Michigan, United Federal had $2.79 billion in total assets at the end of 2018, a 7-percent increase from a year earlier, and $2.01 billion in deposits, according to a quarterly financial statement filed with the National Credit Union Administration. Loans totaled $2.52 billion, including $319.3 million in total commercial loans.

For 2018, United Federal recorded $27.1 million in net income, versus $24.6 million for 2017.

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