Troubled Clarkston Brandon Community CU, Clarkston, Mich., has been merged with Michigan State University Federal Credit Union, East Lansing, Mich.
Michigan State, which had $3.03 billion in assets prior to the deal, will be the surviving institution. Prior to the merger, the State of Michigan Department of Insurance and Financial Services had placed the $41 million-asset Clarkston Brandon into conservatorship, with the National Credit Union Administration as the conservator.
The two agencies decided that the merger served the members' best interest after addressing the credit union's soundness. Clarkston Brandon's branches will be branded as both Michigan State University Federal Credit Union and Oakland University Credit Union, a trade name of Michigan State.
Through the deal, Michigan State adds two new branches in Clarkston and Ortonville, Mich., and three ATMs. Clarkston Brandon's members will also receive benefits from the merger, including extended hours and expanded services such as eDeposit, live chat support and mobile banking.
