OAKLAND, Mich. – Members of T&C FCU are expected to approve the merger of the one-time General Motors credit union with Auburn Hills-based USA CU tonight, creating the state’s fourth-largest credit union with more than $1.2 billion in assets.
Members will have a chance to ask questions of management and express opinions before they vote at the credit union’s main offices. T&C has been campaigning for member approval, with employees wearing t-shirts every Friday that say, “Ask me about Genisys.”
Genisys will be the name of the combination of the equal-sized credit unions – each with about $620 million in assets. T&C has about 65,000 members and USA CU about 50,000. Both credit unions reported profitable first halves, with T&C posting a $1.5 million net at mid-year, and USA a $1.2 million net.
The Genisys name refers to T&C's roots at the old General Motors Truck & Coach division – the “Gen” – and USA's roots as the credit union for Burroughs Corp./Unisys Corp – the “sys.” The name is not to be confused with the area’s Genesis Healthcare System.
The new credit union giant will adopt USA CU’s state charter, which enables it to serve nine surrounding counties and more than three million people. It will have 23 branches, with three more planned for 2009.
