FARMINGTON HILLS, Mich.–Credit Union Trust has been given the final OK to become the first special-purpose bank in Michigan.
The new credit union-owned bank will offer investment and trust-related services to members in the state.
As CUToday.info earlier reported here, Credit Union Trust had received approval from the Michigan Department of Insurance and Financial Services, Office of Banking to proceed with plans to establish the new, limited purpose financial institution in November 2018.
Credit Union Trust is headquartered in leased facilities located at 31155 Northwestern Highway, Farmington Hills, Mich., according to the DIFS.
Organized by a group of seven Michigan-based credit unions, Credit Union Trust will be the first entity chartered in the state as both a Michigan limited purpose bank and a credit union service organization.
“It is the first such entity in the state and is being established to serve the needs of Michigan credit union members,” organizers said in a statement at the time the company was announced. “While credit unions routinely provide a range of wealth management services for their members, they were unable to directly provide fiduciary services such as trusts, until a 2016 change in Michigan law.”
Robert Sajdak has been named as president/CEO of Credit Union Trust.