Michigan State University Federal Credit Union announced Tuesday an upcoming merger with Austin, Texas-based University Federal Credit Union, or UFCU.
MSUFCU is the world’s largest university-based credit union, with more than 400,000 members. Following a merger with UFCU, the combined credit union will serve more than 850,000 people, making it one of the top 20 credit unions in the United States.
There won’t be any immediate changes to members' account numbers, credit or debit cards or digital banking access. Loan terms and interest rates will also remain the same.
There are plans to keep the MSUFCU brand where the credit union currently operates in Michigan and Illinois, but the business will take UFCU as its corporate title.
Current MSUFCU President and CEO April Clobes will serve as the new organization’s CEO, while the leader of UFCU, Michael Crowl, will serve as President.
“By uniting our resources, talent, and shared higher education heritage, we are expanding our services and driving greater impact,” Clobes said in a news release.
The organizations will have a combined $13.5 billion in assets.
The credit unions are currently seeking regulatory approval for the merger which is expected to be completed in the summer of next year.
In 2024, MSUFCU acquired Lansing-based Gabriels Community Credit Union.
MSUFCU is a financial supporter of WKAR.