T & C Federal Credit Union of Bloomfield Hills and USA Credit Union of Auburn Hills, have announced their intention to launch ‘a new beginning together? through a merger that will create the fourth largest credit union in Michigan with assets totaling more than $1.2 billion.
In Oxford, a T&C Federal Credit Union branch is located at 168 S. Washington St. (M-24) inside the Oxford Marketplace shopping center, north of Drahner Rd.
The merger has the unanimous support of both credit unions? boards of directors, but must be voted upon by T&C members as the merging credit union in August.
The new credit union will be called ‘Genisys?, recognizing the member roots of each General Motors for T&C and Burroughs/Unisys for USA Credit Union. Genisys will rank in the top 85 credit unions nationally in terms of members (130,000) and will be in the top 100 nationally in terms of assets.
‘The timing for this merger is just about perfect,? said Mary McDonald, current President, CEO of USA Credit Union, who will remain with Genisys during the transition and then take retirement. ‘Both companies are prosperous and successful and will be even more so as a result of the merger. We’ll benefit from economies of scale and economies of scope and will be able to immediately provide more and better service to all our members.?
‘Consolidation of two healthy credit unions is good business sense,? said Dianne Addington, President and CEO of T&C and CEO-designate of the newly merged company. ‘Larger credit unions have significantly more attractive results in terms of asset growth, loan growth, members, and return on assets. What makes our merger particularly exciting and what promises to make it successful is the shared values we both have in terms of our commitment to our members, our employees and our communities.?
T&C Credit Union currently has 11 branches in Oakland County and one in Ypsilanti. USA Credit Union has ten branches, seven in Southeast Michigan, two in Minnesota and one in Pennsylvania. T&C is federally chartered by the National Credit Union Administration (NCUA). USA is chartered and regulated by the Office of Finance and Insurance Regulation (OFIR) in Lansing. The merged credit union will be chartered in Michigan under OFIR.
Members of both credit unions will benefit from potential increased dividends, decreased loan rates, and lower fees as well as more convenient branches and expanded call centers. Employee benefits include the promise that no jobs or benefits will be lost as a result of the merger.
The new organization will, in fact, provide added jobs and enhanced growth opportunities for employees in the future.