Credit Union Trust Opens for Business
Credit Union Trust announced that it has received approval from the State of Michigan to commence business, becoming Michigan’s first fiduciary service provider organized by credit unions.
Organized by a group of seven prominent, Michigan-based credit unions, Credit Union Trust is both a Michigan limited purpose bank and a credit union service organization (CUSO). 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. That change marked the start of organizers’ planning.
“This is an important step for Michigan credit unions and their members,” said President/CEO Robert Sajdak. “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. With the establishment of Credit Union Trust, that’s changed.
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.
“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,” said Vice President and Senior Trust Specialist John Landis.
In addition to serving individuals, Credit Union Trust also provides solutions for foundations, not-for-profit organizations and other community-based entities.
“Credit unions can now better serve their individual members and institutions, with no added credit union expense to doing so,” Landis added.Go to main navigation