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News : Michigan State University Federal Credit Union to Expand
East Lansing, Nov 16, 2014 -- Michigan State University Federal Credit Union plans to double the size of its headquarters with a new building and hundreds of new employees.
The East Lansing-based credit union wants to break ground next year on a second administration building northeast of its headquarters on West Road, north of Lake Lansing Road. The three-story building would have 186,000 square feet and house MSUFCU’s call center and its information technology and e-services departments.
The credit union expects to outgrow its current building, which is more than 180,000 square feet, by 2017, said April Clobes, the credit union’s executive vice president and chief operating officer.
Current and future growth are prompting the expansion, Clobes said. The credit union has built multiple new branches in recent years to meet customer demand. It also has opened membership to more employers beyond its traditional role serving MSU’s students, faculty, staff and families.
"People actually do want to go to a physical location and do business, and so the branch growth is really driving a lot of our other growth," she said. "If we do our jobs well and we grow the members as we project, then we would grow the employees in proportion, which in turn means we need more space."
MSUFCU has more than 600 employees. The credit union projects that will grow to 724 by 2017, with more than 1,000 on the payroll by 2024.
The headquarters expansion project still needs approval from East Lansing City Council. Should it happen, site work could start in June 2015, with construction finished by March 2017.
Delhi Township-based Granger Construction Co. is the selected contractor. Clobes said MSUFCU would use mostly local, union labor whenever possible.
City administrators haven’t had a chance to review the plans in full, but are "very excited that they’re continuing to expand in East Lansing," said Lori Mullins, the city’s community and economic development administrator.
MSUFCU’s current headquarters building opened in 2008, replacing a smaller site on Crescent Road near MSU’s campus. Company leaders at the time said they anticipated needing to expand within 10 years when they moved.
Now, the credit union has 14 branches — including two affiliated with Oakland University. Its most recent branch opened in September in Mason, Clobes said. MSUFCU said it has opened five new branches in the past two years.
The new building would be able to hold more employees than its current facility. The existing building will retain its customer branch.
Posted by Veronica Silva Cusi, news correspondent
Today's Tip of the Day - Understand Your Business
About Michigan State University Federal Credit Union:
Michigan State University Federal Credit Union or MSUFCU, headquartered in East Lansing, Michigan, is the largest university-based credit union in the world in membership and asset size.
Published: Tuesday, November 18, 2014