AUBURN HILLS, Mich. – The combination of the state’s ninth and 10th largest credit unions, T&C FCU and USA CU, took place last week to create the state’s fourth largest credit union with more than $1.2 billion in assets.
The new credit union, known as Genisys CU, not only plans to maintain the 23 branches operated by the two institutions, but open three more in 2009. No job losses are expected.
The newly created credit union giant expects to squeeze $1.5 million of cost savings out of the merger in the first 12 months because of the need for one data processing system, one headquarters, and other cost consolidations.
The new name was derived from General Motors, the original sponsor of T&C FCU, and Unisys Corp., which was the original sponsor of USA CU–Gen-is-Sys.
