Friday morning was a good one for Michigan State's Federal Credit Union.
The Board of Trustees approved a lease of 4 acres of land by a near-unanimous vote at their monthly meeting. The land, located at Mt. Hope and Farm Lane, will be the home of the credit union's newest branch. It will replace one of their current branch locations at 600 E. Crescent Road.
"We're very excited that the Board approved our request," said April Clobes. "We hope to break ground before the end of the year."
"They desrve to have this kind of contract," said Faylene Owen, a Trustee at Michigan State. "They have been a huge supporter of Michigan State."
MSUFCU's move out means IBM, who shares the Crescent location with the bank, will expand their presence in East Lansing. Although IBM would not confirm specific numbers, company representatives WILX spoke to said that IBM planned on adding several hundred jobs over the next 5 years. IBM currently employs around 200 people at their MSU location.
"We are thrilled that IBM has come here and will create so many more jobs for our grad students," said Owen.
But the vote to lease the land to MSUFCU was not unanimous. Trustee Colleen McNamara opposed the move because of the location for MSUFCU's new branch.
"I didn't feel it was an appropriate structure to put in that location," said McNamara. "The corner of Mt. Hope and Farm Lane is very pastoral. It just didn't seem an appropriate place to put a bank."
MSU Federal Credit Union expects to open the new branch in 2012 and will keep their current branch open until the new location is ready for business.