Regulators & Members Approve CU Merger in Oklahoma
Central Oklahoma FCU will merge with True Sky FCU next month.
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.”