Credit Union Trust announced that it has received approval from the state of Michigan to commence business, marking an historic event for Michigan credit unions and their 5.23 million members.
Credit Union Trust is the first special purpose bank in Michigan organized by seven credit unions to primarily serve the needs of credit union members. Michigan credit union members are now 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,” said Robert Sajdak, President & CEO, 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. With the establishment of Credit Union Trust, that’s changed.
Credit Union Trust Expands Credit Union Services
Credit Union Trust is a special purpose bank and credit union service organization (CUSO). Its purpose is to provide trust, fiduciary and investment services and is structured to serve credit union members and the general public.
“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 John Landis Vice President and Senior Trust Specialist, Credit Union Trust.
Credit Union Trust seeks to grow beyond the seven organizing credit union and is structured to help all credit unions expand into the fiduciary, trustee and related services they want to offer their members. 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.
Credit Union Trust Benefits Members
There’s a growing need for trust and fiduciary services in general, particularly for trusts that do not meet the minimums of the larger banks. Baby boomers are receiving inheritances from their parents and need a way to pass on that wealth to their next generation. At the same time, many families face problems with adult children, uncomfortable issues with second families, and the need to care for aging parents. All these and more are affecting families today and are complications that members may now address through Credit Union Trust.