OKLAHOMA CITY, Okla.–Two Oklahoma credit unions have announced plans to merge.
The $35.1-million Central Oklahoma FCU said it is seeking to merge into the $876-million True Sky FCU.
The 2,900-member Central Oklahoma reported a loss of $112,403 and net worth of 12.32% as of March 31. The 51,000-member TrueSky posted net income of $1.1 million and net worth of 7.59% as of the same date.
“As the CEO of Central Oklahoma, I see the importance of remaining relevant in today’s ever changing digital world. We’re seeing more small credit unions continue to partner with larger credit unions, because together we can provide more member value,” said Tommy Smith in a statement. “This partnership really reflects the philosophy of why credit unions were formed long ago, the idea of people helping people. Whether it’s a collective group of people, or a large membership, helping those who need it, is what this movement was founded on. It's wonderful to see that same philosophy living on today in the Credit Union industry.” In the combined organization Smith will be the Market President – Central Oklahoma.
‘An Obligation’
Added Sean Cahill, True Sky President/CEO and CEO, “As Credit Unions and financial stewards for our members’ money, we have an obligation to find ways to improve members financial lives and the communities we live and work in. Sometimes that includes partnering with a smaller credit union. We do this, all while advancing the ability to better serve our existing members. When you can form a partnership and combine efforts that provide enhanced offerings and significant benefits to members, team members, and the communities we serve, it’s the right thing to do.”
The merged credit union would have 17 branches.
If the combination is approved by members, the credit unions said they expect the merger to be completed in 2022.
Central Oklahoma CU has not yet filed its member disclosure form with NCUA.
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