Seven credit unions in Michigan plans to open a new trust bank late in the first quarter of 2019 after receiving approval from state regulators.

The proposed formation of a trust bank by seven Michigan credit unions gives new fodder to a long-standing battle in the financial services industry.

GRAND RAPIDS — Michigan State University Federal Credit Union’s plan for a downtown office brings another player into the market as Michigan credit unions enjoy a period of strong growth.

BERRIEN SPRINGS — Two pending mergers with smaller credit unions would extend Honor Credit Union into the Battle Creek and Kalamazoo areas.

Here is the MiBiz Growth Report for Feb. 20, 2017. 

• M&A: AMI Entertainment Network LLC in Grand Rapids has acquired NSM Music Group Ltd., a Leeds, U.K.-based manufacturer of jukeboxes. The deal for NSM Music marks the first overseas expansion for AMI, a provider of digital jukeboxes and other products for the nightclub and bar industry, according to a statement. Founded in 1951 in Germany, NSM will maintain its independent branding and headquarters. General Manager Martin Agabeg will report to AMI President Mike Maas. Terms of the deal were not disclosed. Going forward, AMI plans to invest in NSM and enhance the company’s products and service, according to a statement.