Credit Union Trust Receives Approval from State of Michigan

Nov. 5, 2018 – Today, organizers of Credit Union Trust announced they have received approval from the Michigan Department of Insurance and Financial Services, Office of Banking to proceed with plans to establish the new, limited purpose financial institution. 

Credit Union Trust plans to open in late Q1 2019 and will be headquartered in leased facilities located at 31155 Northwestern Highway, Farmington Hills, Michigan. The organization will soon begin hiring professionals, implementing plans and contracting for systems and services.

Organized by a group of seven prominent, Michigan-based credit unions, Credit Union Trust will be both a Michigan limited purpose bank and a credit union service organization (CUSO).  It is the first such entity in the state and is being established to serve the needs of Michigan credit union members.  While credit unions routinely provide a range of wealth management services for their members, they were unable to directly provide fiduciary services such as trusts, until a 2016 change in Michigan law.  

The organizers are executives of the seven, member-owned credit unions and include: Alpena Alcona Area Credit Union, headquartered in Alpena with seven locations; Community Choice Credit Union, headquartered in Farmington Hills with 20 locations; ELGA Credit Union, headquartered in Burton with 11 locations; Frankenmuth Credit Union, headquartered in Frankenmuth with 23 locations; Honor Credit Union, headquartered in Berrien Springs with 24 locations; Members First Credit Union, headquartered in Midland with 11 locations; and Team One Credit Union, headquartered in Saginaw with 12 locations.  

Credit Union Trust will be regulated by the State of Michigan’s Department of Insurance and Financial Services, Office of Banking.