Months after the Clarkston, Mich.-based Clarkston Brandon Community Credit Union was placed into conservatorship, the beleaguered credit union merged into the East Lansing, Mich.-based Michigan State University Federal Credit Union, the NCUA announced Friday.
In January, the credit union's former CFO, Michael Anthony LaJoice, confessed to embezzling $20 million, and the FBI opened an investigation into LaJoice's activities. The State of Michigan Department of Insurance and Financial Services placed the credit union into conservatorship on Jan. 13 and appointed the NCUA as conservator.
The two agencies worked together to address issues affecting the credit union's safety and soundness and determined that merging Clarkston Brandon Community into Michigan State University FCU was in the best interests of the members.
Recommended For You
The new Michigan State University FCU members should experience no interruption in services, and member deposits remain protected by the National Credit Union Share Insurance Fund, the NCUA said. The Share Insurance Fund insures individual accounts up to $250,000 and a member's interest in all joint accounts combined is insured up to $250,000.
New Michigan State University FCU members with questions about their accounts can contact the credit union by at 1-800-678-4968 Monday through Friday from 7 a.m. to 9 p.m. Eastern Time, and Saturday from 9 a.m. to 3 p.m. Eastern Time. Members may continue to transact business at both former Clarkston Brandon Community locations at 8055 Ortonville Road in Clarkston and 4 South Street in Ortonville, Mich. Members can visit Michigan State University FCU's website for more information about the credit union, its services and branches.
Prior to the merger, Michigan State University FCU had assets of $3 billion, according to the credit union's most recent Call Report. Michigan State University FCU will incorporate Clarkston Brandon Community's 8,536 members and $68.5 million in assets, according to the credit union's most recent Call Report, into its existing 208,650 members.
Chartered in 1957, Clarkston Brandon Community served anyone who lived, worked, worshiped, attended school in or did businesses in the Michigan counties of Oakland, Genesee, Lapeer, Livingston and Macomb.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
