BLOOMFIELD HILLS, Mich. — T&C Federal Credit Union and USA Credit Union of Auburn Hills, Mich. announced plans to merge to form Genisys Credit Union, which will be the fourth largest credit union in Michigan with assets totaling more than $1.2 billion.
T&C has $611 million in assets with approximately 65,000 members and USA has $609 million in assets with approximately 64,000 members. The two together will rank in the top 85 nationally in members and in the top 100 in assets.
The merger will be voted upon by T&C members in August. Current USA President/CEO Mary McDonald will remain on during the transition and then retire with T&C President/CEO Dianne Addington taking over as CEO of Genisys.
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"The timing for this merger is just about perfect," McDonald said. "Both companies are prosperous and successful and will be even more so as a result of the merger."
The credit unions said that no jobs or benefits will be lost a result of the merger and the new organization will provide added jobs and enhanced growth opportunities for employees in the future.
"I truly believe this merger will be good for everyone involved, employees and members," Addington said. "Most important, Genisys will be a more substantial credit union in every respect providing an even more secure future for all our members' financial needs.
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