The MSU Federal Credit Union broke ground on a new branch in southern Lansing last month, which is slated to open in late summer 2005.
Builders started developing the site at 200 E. Jolly Road. According to credit union president and CEO Patrick McPharlin, about 7,600 credit union members and their families live within a three-mile radius of the new branch location.
Credit union members have been requesting another Lansing location for years, McPharlin said.
"It will increase the conveniences for the members of the credit union that live or shop in that area," he said. "What we've seen with the branch on the west side of Lansing is that more of their members will do more of their business with us."
Credit union branches currently serve members in East Lansing, Lansing, Okemos and Auburn Hills. To join the MSUFCU, an applicant must be either a current student, staff member or faculty member of MSU or Oakland University, or has graduated from either university. Immediate family of existing members also are eligible to open an account.
Although the organization is expanding to cover more of the Lansing area, southern Lansing businesses and residents probably won't be greatly impacted, said John Pearson, vice president of economic growth for the Lansing Regional Chamber of Commerce. He added that most of the benefits would affect only MSUFCU members.
A commercial bank, as opposed to a credit union, would create more of an economic impact, Pearson said.
Some credit union members said they prefer credit unions compared to banks.
"It's better than big corporate banks taking over," said Jim Keller, a visiting Writing, Rhetoric & American Cultures assistant professor. Keller added that during his four-month membership, MSUFCU already has won his trust.
"They're a little bit more diligent in keeping up with my account safety," he said.
Some members, including those who live in East Lansing, said they also expect the new location to benefit many credit union account holders.
"It's a good idea for people that work at (MSU) that don't live in the immediate area," said Jason Bruveris, a Spanish senior.
After about a three-year membership at the credit union, Bruveris said he will most likely leave the credit union when he graduates.
"It's just because I'm not going to be here to use it," he said.
But MSUFCU, the second largest credit union in Michigan and the world's largest university-based credit union, has a knack for retaining members for years after they leave the university, McPharlin said.
"We keep student members basically for the rest of their lives in many cases," he said. "We have people that live everywhere in the world. We definitely have members in every state.
"For the student who joined in 1995, as of last fall, 47.5 percent are still members using their accounts."
