Expansion of MSUFCU's Second Building on Headquarters Campus
Patrick McPharlin, President and Chief Executive Officer (CEO) of MSUFCU, the MSUFCU Board of Directors, and management are pleased to announce that the Credit Union will begin construction on a second building on the headquarters campus in 2015.
Over the years, the Credit Union has seen tremendous growth in members, branches, employees, and internal departments, including our expansion to the Oakland community. From our history, we can see that our commitment to superior service is a key element that drives our growth.
This expansion comes as part of the Credit Union’s long-term growth strategy to meet the demands of its growing membership base. MSUFCU membership has increased significantly over the years, with an average of 5-7% growth each year. Increasing membership has led to increases in employees, adding many jobs to the local economy. It is projected that MSUFCU staff will outgrow the current headquarters by 2017-2018. Adding a second administrative building will help us to continue fostering existing relationships and develop new relationships with potential members.
“After much long-term strategic planning, we are excited to move forward with the second building,” said Patrick McPharlin, MSUFCU’s President and Chief Executive Officer. “This expansion has a direct correlation with our growing membership base, and we look forward to this opportunity which will allow us to continue providing superior service to these increasing members, employees, and the community.”
ABOUT THE BUILDING
The new building will be located on MSUFCU’s current property, northeast of our original headquarters and next to our pond and nature trails located on Coolidge Rd. The building will be 186,350 square feet including three floors and a full basement. The new building will house 564 employees over the course of 10 -12 years. The funds to build this building come from the investments we have, which will turn into an investment in the new building. The building will be built using high-efficiency, environmentally friendly, and locally sourced products when possible in construction and operation. The credit Union will be applying for LEED (Leadership in Energy and Environmental Design) certification on the new building.
Since 2000, membership has nearly doubled at the Credit Union with currently over 191,000 members. The Credit Unions is projected to have close to 250,000 members by 2018.
Products and Services Growth
Increased members and employees will allow the Credit Union to continue expanding our suite of products, services, and innovative technology to members, bettering our ability to provide superior service. We have received over 27% growth in inbound and outbound calls with our members since 2011. In addition, we have experienced an average of 24% yearly online traffic growth in eServices chats and messages. IT functions have grown as we internally program ComputerLine, mobile apps, and increased resources to ensure security of member data.
With 5 new branches opened between 2012 and 2014, one branch currently under construction, and our expansion with the Oakland community, the Credit Union has experienced branch traffic growth of about 6% each year since 2012.
From our history, we can see that our commitment to superior service is a key element that drives our growth. To keep up with our growing membership base the Credit Union has been growing at an average employee growth rate of 15.4% each year since the 1980s. To support the doubled membership growth, between 2010 and 2014, the CU nearly doubled in employees. The current headquarters houses roughly 60% of the over 600 employees that work at the Credit Union. We house our own IT, mortgage, training, call center, Visa Servicing, eServices, and other departments instead of outsourcing. The current building was opened in 2008 and was designed for 10 years of growth, with 478 work stations. By 2017, we will have outgrown our current building.