Lake Trust Credit Union seeks to build new branch on west side of Ann Arbor
Lake Trust Credit Union seeks to build a new branch in a former bank building on West Stadium in Ann Arbor.
Site plans were submitted in early August to demolish the former Fidelity Bank at West Stadium Boulevard and West Liberty Street, and rebuild a retail banking center for the credit union.
The credit union’s intention, said spokeswoman Danielle Brehmer, is to purchase the property as part of the effort to build the new facility.
The new branch at 2180 W. Stadium Blvd. would be 3,686 square feet, along with a drive-through lane, according to site plans.
“This would be a full operational branch,” Brehmer said.
The Lansing-based credit union - formed this year out of a merger that included the former Detroit Edison Credit Union in southeast Michigan and NuUnion Credit Union in Lansing - now represents 155,000 members in 35 counties in the state.
The credit union operates in Ann Arbor out of two locations: 2222 Packard St. and a strip mall at 2350 W. Stadium Blvd.
If Ann Arbor officials approve the building plans, the existing West Stadium operations would shift a few blocks east to the new standalone location, Brehmer said.
“We’ve outgrown that space,” she said.
The request to the city involves three steps, according to city planner Chris Cheng:
â€¢ A land division so the credit union can buy the corner building of the parcel, now owned by Calvert & Lasalle LLC of Farmington Hills. â€¢ Demolish the existing building and construct a new branch. â€¢ Amend the former site plan for the other retail building on the property - now home to O’Reilly Auto Parts and a vacant CVS - so that it conforms with city zoning after the lot split.
According to city records, the credit union owns both of its Ann Arbor locations. Information on what it plans for its property on West Stadium if the new building is approved was not available.
Lake Trust Credit Union has $1.5 billion in deposits, according to its website, making it the fourth largest credit union in Michigan. It operates 23 branches and employs about 400.
The changes sought by Lake Trust follow several other moves by local credit unions this year:
â€¢ University of Michigan Credit Union bought the former Ann Arbor News headquarters in downtown Ann Arbor in June. â€¢ Ypsilanti Area Federal Credit Union changed its name to Washtenaw Federal Credit Union on July 1. â€¢ DFCU, based in Dearborn, agreed in June to acquire Ann Arbor’s MidWest Financial Credit Union.
City officials started their review of the plan this week. It next heads to the Planning Commission and then City Council for approval.