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 March 25.
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.
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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.
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 or did businesses in the Michigan counties of Oakland, Genesee, Lapeer, Livingston and Macomb.
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