U-M Credit Union plans future expansion in old Ann Arbor News building

Wednesday, June 9, 2010 | Source: Concentrate

The University of Michigan Credit Union is making a big move to accommodate big plans for future growth. They have acquired the old Ann Arbor News building in downtown Ann Arbor.

The Albert Kahn-designed building at the corner of Huron and Division streets will serve as the financial institution's headquarters and house its administrative offices. How many of the credit unions 115 employees will be moved there and when it will happen is still being determined. What is known is there will be more than enough space to go around in the 58,000-square-foot structure.

"At this point we are looking to lease part of it out," says Jeff Schillag, vice president of marketing and community relations for the U-M Credit Union. He added that the credit union is still evaluating its space needs but plans to keep all of its six branches open at their current capacity.

U-M Credit Union has been an island of stability in an otherwise turbulent lending market filled with major financial bail outs and banks going belly up. The non-profit is owned by its 46,881 members. It has assets of over $400 million and posted a net income of $1.85 million in 2009, helping it to continue to receive the Bauer Financials independent 5-Star Superior rating.

That has allowed the credit union to continue to hire over the last year. It also plans to continue hiring over the next year. Schillag declined to reveal how many new jobs it created or how many people it plans to hire in the near future.

The leadership is still evaluating what it wants to do with the landmark building, which went on the market last year after The Ann Arbor News closed. That includes whether to turn it into a mixed-use structure and what will become of old presses housed inside it.

"We would like to keep the presses but they're not the original presses and they take up a lot of space," Schillag says.

Source: Jeff Schillag, vice president of marketing and community relations for the University of Michigan Credit Union
Writer: Jon Zemke