Waterford, Mich. — Oakland County Credit Union and BestSource Credit Union said they will merge effective Sept. 1 to create a credit union with almost $300 million in assets, 31,000 members and six branches.
The combined CU, which will operate under the name Oakland County Credit Union, will be the 14th largest credit union in southeast Michigan, the two CUs said.
The merger has the unanimous support of both credit unions' boards of directors and was approved by BestSource Credit Union members in April. The state of Michigan followed with approval in May.
"This was a natural partnership of two very similar credit unions," Allan Kemp McMorris, president and CEO of Oakland County CU, said in a statement. "Both of our credit unions have a 60-year history of helping members improve their financial lives."
"We could not be more pleased," said John Normandeau, president and CEO of BestSource CU. "Consolidation of two healthy credit unions benefits both sets of members. Members will have more branches and an enhanced call center to better serve them in the years to come."
BestSource CU currently has two branches in Southeast Michigan: one in Waterford and another in West Bloomfield. Oakland County CU currently has four branches in Southeast Michigan: two in Waterford, one in Clarkston and another in Oxford
When combined, the new institution will have six full-service branches serving four communities in Oakland County — northwest of Detroit, near Pontiac.
In its most recent call report, as of March 31 BestSource CU had $96 million in assets and $191,524 in net income for the first quarter of this year. Its net worth ratio was 11.56% ("well capitalized").
In 2013 BestSource had $1.3 million in net income, even after paying $68,319 to the Temporary Corporate CU Stabilization Fund. Its net worth ratio was 11.65% ("well capitalized").
Oakland County CU had $192 million in assets as of March 31, with first-quarter net income of $395,224. Its net worth ratio was 8.65% ("well capitalized").
Last year Oakland County CU had more than $1.7 million in net income, after paying $133,702 to the Temporary Corporate CU Stabilization Fund. Its net worth ratio was 8.54% ("well capitalized").
Oakland County CU was chartered in 1953 and serves all who live, work or worship in Oakland County. It serves 21,000 members in the communities of Waterford, Clarkston and Oxford with through four branches, 5,000 national shared branches, and 30,000 no surcharge ATMs.
BestSource was chartered in 1954. It operates two branches and serves 10,000 members in Waterford, West Bloomfield and nationwide.
