MARQUETTE COUNTY -- Expansion! Two Upper Michigan-based banks have both opened locations in western Marquette County this past January.
Northern Michigan Bank and Trust opened a new branch in Ishpeming and celebrated with a ribbon cutting in February. With the opening of Rio Tinto's Kennecott Eagle Mine in western Marquette County, they seized the opportunity for increasing their customer base.
"There's gonna' be a lot of good economic times ahead, I think, with Kennecott, and we just wanted to be a part of it," says E.J. Kostreva, president of Northern Michigan Bank and Trust.
Nearby, the U.P. Catholic Credit Union opened a new branch in Negaunee. The credit union is based in Marquette. They expanded mainly at the request of their members.
"We have a strong member base in Negaunee and Ishpeming and when this building became available, it was a natural fit for both our members and the credit union," says Julie Olson, branch manager at the U.P. Catholic Credit Union in Negaunee.
Expanding financial institutions can mean several good things for a community, and when it comes to having more banks in your area, it can be summed up in one word.
"Convenience. It is important to business customers that want to expand or do development to have convenient banking," says Paul Arsenault, owner of Concepts Consulting.
With increased banking opportunities, it's likely that Negaunee and Ishpeming may see other businesses expanding as well. The two banks have already created many new jobs for their new cities, and they're keeping an open mind about further expansion in the future.
"We're always looking to expand and really help our members who reside in communities that we aren't currently in," says Olson.
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