Michigan Group Touts Lake Trust Credit Union $40M Investment
To help attract and retain businesses to and in Michigan, Lake Trust Credit Union is planning to invest $40 million over the next five years.
Ann Arbor SPARK recently named the $1.6 billion credit union in Lansing, Mich., its 2013 Business Development Project of the Year for having a significant impact on the regional economy.
The nonprofit organization was formed to advance the Ann Arbor region by encouraging and supporting business acceleration, attraction and retention. In addition to identifying and meeting the needs of business at every stage, from start-ups to large organizations, Ann Arbor SPARK collaborates with business, academic, government, and community investors.
The bulk of Lake Trust’s investment in the region will come through its new $30 million headquarters in Brighton, Mich., scheduled to open in 2015. Another $10 million is earmarked for retail expansion over the next five years.
The credit union was recognized with others in the community with the Ann Arbor SPARK business leadership awards, including the 2013 Volunteer of the Year and Entrepreneurial Company of the Year.
Ann Arbor SPARK's work in 2013 resulted in $148 million in new investments, 1,509 jobs, assistance to 274 startups, incubation of 83 new companies and business attraction and retention of 45 successful projects, the nonprofit said.
“Recognition for the Ann Arbor region continues to grow, and we're becoming known as a place with a rich ecosystem of support that offers companies exactly what they need at the right time to reach their potential,” said Tim Marshall, president/CEO of Bank of Ann Arbor and chair of Ann Arbor SPARK's board of directors and executive committee.