MSU Federal Credit Union plans to add a second office in the Grand Rapids market.
The second-largest credit union in Michigan plans to build a new full-service office at 4580 28th St. SE in Kentwood that will open in the spring of 2023.
The office will become the second branch in the Grand Rapids area for MSU Federal Credit Union, which is based in East Lansing and first entered the market in 2017 with the opening of an office on Monroe Center in downtown Grand Rapids.
Nearly 7,500 of the credit union’s members live within 10 miles of the planned Kentwood office.
“The decision to expand to a second location in Kent County is part of our long-term growth strategy to better serve our existing and potential members,” President and CEO April Clobes said in a statement. “We are looking forward to joining the Kentwood community with this new branch location and helping more members achieve their dreams.”
MSU Federal Credit Union presently has 22 offices, mostly in the Lansing area. The credit union at the end of the first quarter had more than 325,000 members and $6.84 billion in total assets, according to a quarterly financial report to federal regulators.
Deposits totaled $5.85 billion as of March 31 and loans totaled $4.86 billion, including $104.8 million in commercial loans, according to the credit union’s first quarter report to the National Credit Union Administration. MSU Federal Credit Union recorded $33.3 million in net income for the first quarter and $84.8 million for all of 2021.
MSU Federal Credit Union at the end of 2021 ranked as the second-largest credit union in Michigan behind Grand Rapids-based Lake Michigan Credit Union, which at the end of last year had $11.67 billion in total assets.
CORRECTION: A previous version of this story incorrectly stated MSU Federal Credit Union’s total assets at the end of the first quarter. It is $6.84 billion, not $4.84 billion.