Press
MSUFCU to construct second building on headquarters campus
Construction to begin in 2015.
EAST LANSING, MI (November 17, 2014) — Patrick McPharlin, President and Chief Executive Officer (CEO) of MSU Federal Credit Union, the MSUFCU Board of Directors, and MSUFCU management are pleased to announce that the Credit Union will begin construction on a second building on the headquarters campus in 2015.
This expansion comes as part of the Credit Union’s long-term growth strategy to meet the demands of its growing membership base. MSUFCU membership has increased significantly over the years, with an average of 5% growth each year. Increasing membership has led to increases in employees, adding many jobs to the local economy. It is projected that MSUFCU staff will outgrow the current headquarters by 2017-2018.
The expansion will allow the Credit Union to continue to foster relationships with current members and the community, expand its suite of innovative products and services, and grow its many internal divisions. MSUFCU currently houses its own IT, mortgage, maintenance, training, call center, e-services, and many other departments that provide back-office support to its branches and the Credit Union on the whole.
Construction is anticipated to begin in June 2015 and is expected to be complete in March 2017. The building is slated to be 186,350 square feet, including a basement and three floors, and will accommodate 564 employees.
“After much long-term strategic planning, we are excited to move forward with the second building,” said Patrick McPharlin, MSUFCU’s President and Chief Executive Officer. “This expansion has a direct correlation with our growing membership base, and we look forward to this opportunity which will allow us to continue providing superior service to these increasing members, employees, and the community.”
MSU Federal Credit Union, the world’s largest university-based credit union, offers a full range of personal – and business-related financial services to Michigan State University and Oakland University faculty, staff, students, alumni association members, and their families worldwide in addition to a variety of select employee groups. Founded in 1937 by a few MSU professors and employees, MSUFCU now has 14 branches, over 191,000 members, more than $2.7 billion in assets, and over 600 employees. MSUFCU was named 2014 Credit Union of the Year by the National Association of Federal Credit Unions (NAFCU).