Lake Trust Credit Union, Michigan's fourth-largest credit union, plans to build a $30 million headquarters near U.S. 23 and I-96 in Brighton, the financial institution said Wednesday.
The move will allow the credit union to consolidate staff split between Lansing and Plymouth, the company said. The new office will accommodate about 350 employees, Lake Trust spokeswoman Danielle Brehmer said.
If all goes well, the 100,000-square-foot building could be completed by 2015; Lake Trust is negotiating a purchase agreement for the 17-acre site with the owner, the credit union said.
"Locating our new headquarters in Brighton means Lake Trust is uniting our work force in new corporate space at a more central location within a reasonable commute for most of our current employees," said David Snodgrass, Lake Trust president and CEO.
"Brighton and nearby Ann Arbor are vibrant growing communities, and this location simply makes the most business sense for our organization."
Ken Dalto, a retail analyst with Farmington Hills-based Kenneth J. Dalto & Associates, said the move was "very significant," since credit unions have been growing their physical locations to cater to those who can't get loans from banks.
"It's in line with the trend," he said. "It increases the lending potential for the masses."
Consolidating the work force as well as a new energy-efficient and flexibly designed office will save about $7 million more over the next 20 years. Lake Trust was formed in 2010 from the merger of NuUnion and Detroit Edison credit unions, leading to offices in Plymouth and Lansing.
The credit union also plans to invest another $10 million by adding new retail facilities across the state. Lake Trust has 21 retail sites from Grand Haven to Detroit.