EAST LANSING, MI — The Michigan State University Federal Credit Union has reached a deal with the Texas-based University Federal Credit Union to combine, MSUFCU announced in a press release on Tuesday.
The deal has already been approved by the boards of both credit unions. The merger will create a single organization with more than 850,000 members, $13.5 billion in assets and University Federal Credit Union as its corporate name.
“By uniting our resources, talent, and shared higher education heritage, we are expanding our services and driving greater impact,” said MSUFCU President and CEO April Clobes in a release.
The credit union will continue to operate as MSUFCU in Michigan and Illinois. MSUFCU members are not expected to experience any immediate changes to things such as account numbers, banking cards or digital platforms.
Clobes will remain president and CEO of the new entity, according to a press release.
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