AUBURN HILLS, Mich. – USA FCU announced today it is merging with T&C FCU, to form what will be the state’s fourth largest credit union, with more $1.2 billion in assets.
The new credit union will be called Genisys, recognizing the member roots of each–Burroughs/Unisys for USA CU and General Motors for T&C.
The deal is the latest mega-merger creating billion-dollar-plus credit unions; following plans by First Future CU to acquire California Coast CU; Credit Union of Southern California to merge with Visterra CU; and the recently completed combination of Summit CU and Great Wisconsin CU to create the largest credit union in Wisconsin.
Both Michigan credit unions have braved the state’s downturn; USA CU earned $662,000 on $610 million in assets for the first quarter and T&C FCU earned $934,000 on $611 million in assets.
"The timing for this merger is just perfect," said Mary McDonald, president of USA FCU, who will remain with the credit union during the transition, then retire. "Both organizations are prosperous and successful and will be even more so as a result of the merger."
"Consolidation of two healthy credit unions is good business sense," said Dianne Addington, president of T&C FCU, who will head the combined credit union. "Larger credit unions have significantly more attractive results in terms of assets growth, loan growth, members and return on assets."
USA CU has 10 branches and T&C FCU has 11. The two credit unions serve a combined 130,000 members.
The merged credit union will adopt the state charter of USA CU and be regulated by Michigan’s Office of Finance and Insurance Regulation.
