BLOOMFIELD MILLS, Mich. — The members of T&C Federal Credit Union have voted 91% in favor of the credit unions proposed merger with USA Credit Union of Auburn Hills.
The merger was endorsed by both credit union CEOs, both boards, state and federal regulators and by Congressman Joe Knollenberg and Oakland County Executive L. Brooks Patterson.
Together T&C and USA will form $1.2 billion Genisys Credit Union, and will be the fourth largest credit union Michigan and in the top 100 nationally. Genisys will have 23 branches, 19 in Southeast Michigan, two in Minnesota and one in Pennsylvania. It will be chartered in Michigan under the Office of Finance and Insurance Regulation and all accounts will continue to be federally insured.
“Both T&C and USA are healthy, financially sound organizations that share a common vision and values for their members,” said Mary McDonald, president/CEO of USA Credit Union. “Both have always made the quality of member service their top priority and both are committed to the communities where their members and employees live and work. I'm proud of this merger and I'm confident Genisys will be a success.”
McDonald will stay on as president for the transition, but will retire in 2009. T&C President/CEO Dianne Addington will be CEO of Genisys.
The merger will be finalized later in 2008 and beginning in January 2009 operations will combine slowly over the year.
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