WATERFORD, Mich. – Tiny My Postal Credit Union has merged into Oakland County Credit Union here.
My Postal of Pontiac, Mich., had just $15 million in assets and less than 1,300 members when it merged into $312 million Oakland County effective May 1.
The two CUs announced the partnership on Monday, noting the merger was supported by the boards and management teams of both institutions, and was unanimously approved by the My Postal membership on April 18.
A joint statement from the CUs said the merger is a "proactive step" that will "bring the resources of a larger credit union to reduce the growing risks facing smaller financial institutions today and ensure members receive improved technology, products and services into the future."
"This partnership is truly a perfect fit for the My Postal membership," said Allan Kemp McMorris, president and CEO of OCCU. "Oakland County Credit Union has a dedication to serving the members with extraordinary service, great rates, and progressive technology and product offerings. Our branch network and dedication to member service will truly serve My Postal members well into the future."
"We could not be more excited," said Clarence Cameron, My Postal Credit Union's chairman of the board. "This merger will provide many wonderful opportunities to the members of My Postal Credit Union. It will combine our shared values in terms of our commitment to our members, our employees and our communities."
Oakland County CU serves its 30,000 members via six branches and a dedicated member contact center. It was chartered in 1953. Membership is open to anyone in Southeastern Michigan.
My Postal Credit Union was established in 1928, making it one of the oldest state chartered CUs in Michigan.
