We announced plans today to build a new headquarters on an approximately 17-acre site adjoining US-23 just north of I-96 near Brighton. We also are committed to expanding the credit unions’ retail network throughout Michigan, including in Lansing and Plymouth. Our plan is to invest a total of $40 million in Michigan over the next five years.
“We’re really excited to make this announcement about our new headquarters and future investments in Michigan,” said president and CEO David Snodgrass. “The Brighton property we intend to purchase and develop is really spectacular. The site has many natural features including a pond, and our designers can create a first class campus with several amenities for employees like walking trails and picnic areas.”
“The new Lake Trust headquarters will be the best place to work in Michigan,” Snodgrass added. “Locating our new headquarters in Brighton means Lake Trust is uniting our workforce in new corporate space at a more central location within a reasonable commute for most of our current employees. Brighton and nearby Ann Arbor are vibrant growing communities, and this location simply makes the most business sense for our organization. Our new headquarters will be equipped with the latest high-tech operating systems, all in an ideal open plan, daylight filled setting, at a great location. It’s a win-win-win plan for Michigan, for Lake Trust employees and for our members.”
The planning and construction process for the new headquarters could be completed by 2015 and will include a new 100,000 square foot building designed to more efficiently and effectively join a workforce currently split between old corporate offices in Lansing and Plymouth. Operating two aging corporate offices was the result of the merger in 2010 between NuUnion Credit Union and Detroit Edison Credit Union that formed Lake Trust. Simply maintaining current operations in old facilities became increasingly expensive for us, and would have cost credit union members an estimated $7 million more over the next 20 years compared to a new energy efficient and flexibly designed facility.
“Lake Trust recognizes we must invest in our operations and the many communities we serve,” Snodgrass said. “Lake Trust is committed to simultaneously investing in Lansing and Plymouth, and making several strategic long-term retail branch investments throughout Michigan. I think we are moving from a post-merger mentality as an organization to a more thoughtful, growth strategy.”