State flag of Oklahoma. (Source: Shutterstock)
Two Oklahoma-based credit unions have been given approval by regulators and members to merge into a combined $940 million credit union on Nov. 1.
In a statement Thursday, Central Oklahoma Federal Credit Union (COFCU) in Davenport, Okla., announced, along with regulatory approval, its members voted to support the merger with the Oklahoma City-based True Sky Federal Credit Union ($872.9 million in assets, 52,724 members), creating a credit union with a combined membership of more than 56,000.
According to officials, COFCU will become a division of True Sky as of November, and systems between the two credit unions will be fully integrated sometime in early 2024. The newly-merged credit union will have 14 branches throughout Oklahoma, with three more branch locations in development.
True Sky President/CEO Sean Cahill said, "I'm excited to officially welcome COFCU members and team members to the True Sky family. Over the past several months as we've gotten to know the people and the communities COFCU serves, it's been confirmed time and time again that both organizations are committed to serving members, building a culture where employees thrive and making a difference in the communities we serve."
COFCU CEO Tommy Smith, who will become a market president for True Sky, said, "The financial services industry is ever changing and competitive. Over the past few years as COFCU looked at the best way to serve members and employees now and into the future we started to explore the idea of merging. We have a lot of respect for True Sky Credit Union's board, leadership and employees. This partnership helps ensure we will thrive."
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
