BLOOMFIELD HILLS, Mich., Aug. 14 MI-T&C-votes-merger
BLOOMFIELD HILLS, Mich., Aug. 14 /PRNewswire/ -- Members of T&C Federal
Credit Union of Bloomfield Hills have voted a resounding "yes" to the proposed
merger of their credit union with USA Credit Union of Auburn Hills. Nearly
91% of T&C's members voted to approve the merger which has been unanimously
endorsed by both credit unions' boards, by state and federal regulators, and
by Congressman Joe Knollenberg and Oakland County Executive L. Brooks
Patterson.
"We are absolutely delighted so many of our members agreed with our plan
to merge," said Dianne Addington, President and CEO of T&C and CEO-designate
of the newly merged Genisys Credit Union. "We did everything we could to
ensure that our members understood the reasons behind the merger and what it
will mean to them and they obviously listened. Their enthusiastic support is
an ideal launching pad for Genisys."
With $1.2 billion in assets, Genisys will be the fourth largest credit
union in Michigan and in the top 100 nationally. Its 130,000 members will
rank it number 85 in membership among national credit unions.
"Our theme throughout this whole merger process has been 'Excellent alone.
Awesome together.' and we truly believe our new organization will be awesome
for our members, our communities and our employees," Addington said. "We'll
have more branch locations, more competitive rates, lower fees, a dedicated
call center, and an opportunity to serve our members and our communities even
better than in the past. On top of that we've committed that there will be no
employee layoffs and, in fact, we hope to ultimately provide more jobs and
enhanced growth opportunity for our employees, so it's a win-win-win all the
way around."
The Genisys name was drawn from the roots of each merging organization --
General Motors for T&C and Burroughs/Unisys for USA. The combined credit
union will have 23 branches -- 19 in Southeast Michigan (including 15 in
Oakland County), two in Minnesota and one in Pennsylvania. Genisys will be
chartered in Michigan under the Office of Finance and Insurance Regulation and
all accounts will continue to be federally insured.
"Both T&C and USA are healthy, financially sound organizations that share
a common vision and values for their members," said Mary McDonald, President
of USA Credit Union. "Both have always made the quality of member service
their top priority and both are committed to the communities where their
members and employees live and work. I'm proud of this merger and I'm
confident Genisys will be a success," McDonald said. McDonald has been with
USA for thirty-six years, seven of them as President and CEO. She plans to
retire once the merger has been finalized.
About T&C Federal Credit Union
T&C Federal Credit Union, Where You Come First, has provided financial
services since 1936, and serves all who live or work in Oakland County and
specific geographic locations in Ypsilanti. T&C Federal Credit Union has
received the best rating possible from Bauer Financial for the past 15 years
for safety and soundness. T&C Federal Credit Union has in excess of $600
million in assets and serves 65,000 members through twelve owned branches,
over 3,000 National shared branches, and 25,000 no surcharge ATMs.
About USA Credit Union
USA Credit Union has been in operation more than 50 years and has
consistently received a 5-star Bauer Financial Rating for safety and soundness
for overall company finances. We are one of the largest credit unions in
Southeast Michigan and in the nation. USA Credit Union serves more than 66,000
members in every state and provides account access by way of eight dedicated
branches, more than 3,000 shared branches and 25,000 surcharge free ATMs
across the country.
SOURCE T&C Federal Credit Union
