Farmington Hills-based Credit Union Trust has received approval from the state of Michigan to begin business. The credit union is the first special purpose bank in Michigan organized by seven credit unions.
Michigan credit union members now are 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,” says Robert Sajdak, president and CEO of 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.”
Previously, credit union members and their families had to get professional trustee and fiduciary services from unaffiliated banks.
Credit Union Trust is a credit union service organization. Its purpose is to provide trust, fiduciary, and investment services and is structured to serve credit union members and the general public. It also provides solutions for foundations, not-for-profit organizations, and other community-based entities.
“We’re here to serve credit unions and their members in Michigan, and we’re doing it by providing value, service, and access at a price members can be comfortable with,” says John Landis, vice president and senior trust specialist at Credit Union Trust.
The organization is the state’s first credit union-organized and owned fiduciary service provider. Its seven member credit unions have more than 500 years of combined industry experience.
The member credit unions include Alpena Alcona Area Credit Union, Community Choice Credit Union, ELGA Credit Union, Frankenmuth Credit Union, Honor Credit Union, Members First Credit Union, and Team One Credit Union. The organization applied to establish the institution with the Michigan Department of Insurance and Financial Services in July 2018 and had its plans approved in November.
More information on the network and organization are available here.