EAST LANSING, Mich. - The Michigan State University Federal Credit Union announced today that it will give $1.5 million to establish the Michigan State University Federal Credit Union Endowed Chair in Financial Institutions/Investments, in the Department of Finance, within The Eli Broad College of Business at Michigan State University.
This is the fourth endowed chair in the Department of Finance and will lead to the appointment of an eminent scholar with expertise in the area of investments. The prestige of the endowed chair will enable the department to remain a premier provider of financial education in the world, said Geoffrey Booth, chair of the Department of Finance.
"Expanding our efforts in investment education is an exciting direction for our department to take," Booth said. "Since asset-liability management is a crucial area in investment, it is a skill set that will make students more marketable. An endowed chair focusing on this topic will ultimately make our students greater contributors to existing financial institutions like the MSU Federal Credit Union."
The holder of the new chair will primarily teach MBA students, but perhaps Ph.D. level and senior level students as well.
"The broad range of possibilities afforded by the creation of such a position in the college is exciting," said James B. Henry, dean of The Eli Broad College of Business. "The MSU Federal Credit Union is providing a valuable resource to the college and to the MSU community."
As MSU Federal Credit Union President and CEO Kenneth H. Laubenstein explained, endowing this chair is a natural progression of the credit union's relationship with MSU.
"Just as it is the goal of the Broad College to be recognized among the top business schools in the United States, it is the Credit Union's goal to be the leader in serving universities," he said. "We share a mission to excel. Our commitment to the university can only further enhance the long-term partnership enjoyed by both MSU and the Credit Union."
That view of commitment and partnership was echoed by MSU's leadership.
"The MSU Federal Credit Union has been an important partner with Michigan State University on many levels over many years," said Lou Anna K. Simon, MSU provost and vice president for academic affairs.
"This gift illustrates their dedication to the enhancement of our entire university community," added MSU President Peter M. McPherson. "We couldn't ask for better neighbors."
The Michigan State University Federal Credit Union, chartered by a group of MSU professors in 1937, is now the largest university-based credit union in the world. Serving 94,000 members worldwide, it has assets over $550 million and offers a full range of personal financial services.