LANSING – Lake Trust Credit Union will build a new branch on Capitol Avenue.

Lake Trust announced Monday it will open a new, 3,600-square-foot branch in the 600 block of Capitol Avenue at the intersection of South Washington Avenue and West St. Joseph Street.

The new location, which the credit union plans to open next year, will replace the existing branch in the company's old headquarters at 501 S. Capitol Ave.

The new branch will be open concept and feature modern technology and drive-thru video teller machines with extended hours, according to a news release. The building also will include a community room with space for local organizations to hold meetings and gatherings.

“Lake Trust has a long history of serving the greater Lansing community with our relationship banking approach and our network of seven branches," CEO David Snodgrass said in a statement. "This new branch location underscores our commitment to our members and continuously building on the member experience, while also supporting economic development in downtown Lansing.”

Staff will transition from the current Capitol Avenue branch, which will close when the new location opens.

That branch is one the Credit Union maintains despite having relocated its headquarters to Brighton Charter Township in 2015.

Former headquarters slated for redevelopment

Lake Trust sold its former headquarters to a developer in 2018.

That developer plans to convert the building into a mixed-used structure with 23,461 square feet of office or commercial space and 44 apartments on four floors.

The $33 million development known as the 500 Block Project also calls for a new building at the new corner of South Capitol Avenue and Hillsdale Street with 116 residential units and 3,500 square feet of commercial space.

According to a news release from earlier this year, renovation of the old headquarters should be complete by fall 2021 and construction of the new mixed-use building is slated to start in September 2020 and wrap up by spring 2022.

Contact reporter Megan Banta at (517) 377-1261 or mbanta@lsj.com. Follow her on Twitter @MeganBanta_1.