ST. JOSEPH, Mich. (2/23/12)--Because it received an "overwhelming" 50 proposals to construct its new headquarters, United FCU will take additional time to explore new options and ideas offered by potential builders, said Gary Easterling, president/CEO of the credit union.
"We are treating each submission with the same level of evaluation and working diligently to find the solution that is the best fit for UFCU," Easterling said. "We recognize the importance of this decision to our members and our employees. Hence, we will take the necessary time to complete a full evaluation. We expect to keep all interested parties appraised of any significant progress in this evaluation."
The unusually large number of bids were in response to an October request for proposals the St. Joseph, Mich.-based United FCU issued to accommodate its growing work force. The credit union expects to add 500 jobs by 2020.
The credit union is working out of multiple corporate locations, some on short-term leases, Easterling said.
United FCU doubled its asset size in last five years. In the past year, its membership grew roughly 5%, Easterling said. Contributing to that growth was the credit union's acquisition of Griffith (Ind.) Savings Bank. The purchase marks the first time a federally chartered credit union has purchased the assets of a state-chartered, Federal Deposit Insurance Corp.-insured mutual savings bank, the credit union said.
The credit union has more than $1.4 billion in assets.