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Investment and trust services to be offered by Credit Union Trust .

Seven Michigan credit unions have proposed forming a bank that will allow them to provide investment and trust services directly to credit union members.

The hope to open their bank, to be called Credit Union Trust, in the 2019’s first quarter in a leased office in Farmington Hills, Mich. Their application was accepted in July by Michigan regulators and its approval is expected within about three months under a recent Michigan law that allows the creation of a state-regulated, limited-purpose bank able to act as a fiduciary.

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Jim DuPlessis

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