EAST LANSING, Mich./ AUSTIN, Texas —Two well-known credit unions that serve major universities have announced plans to merge.
The $8.8-billion MSU Federal Credit Union (MSUFCU), which was chartered to serve Michigan State University, and the $4.2-billion University Federal Credit Union (UFCU), which was chartered to serve the University of Texas, said they are seeking to combine and serve approximately 850,000 members in total.
are proud to jointly announce that their respective Boards of Directors have approved a definitive agreement to strategically combine. Built from a position of proactive strength, the combined organization will represent more than 850,000 members and $13.5 billion in assets, creating a premier credit union rooted in higher education service.
Both credit unions are profitable. MSUFCU posted $13.5 million in net income as of mid-year, with net worth of 8.96%. University FCU had $16.3 million in net income and net worth of 9.65% as of the same date.
About the Name & Charter
The credit unions said in a statement the “combination brings together two financially strong and well-capitalized institutions with complementary cultures, shared values, and a mutual dedication to member success.”
Upon completion of the merger, April Clobes, current MSUFCU president and CEO, will serve as CEO of the combined organization and Michael Crowl, current UFCU president and CEO, will serve as president, the organization said.
The combined organization will have University Federal Credit Union as its corporate name and will adopt MSUFCU’s charter — operating with several brand tradenames including MSUFCU, UFCU, Oakland University Credit Union, Artichoke Credit Union, Collegiate, AlumniFi, and Pillur, the credit unions said.
They added, however, that both brands will continue to exist following the merger and operate as MSUFCU in Michigan and Illinois, and UFCU in Texas
‘It’s About Value’
“Michael and I share a strong belief that growth isn’t about scale; it’s about value,” Clobes said in a statement. “By uniting our resources, talent, and shared higher education heritage, we are expanding our services and driving greater impact. We are building a resilient organization that will invest in advanced technology and long-term stability to best serve members’ evolving needs today and well into the future.”
Added Crowl in a statement, “MSUFCU shares UFCU’s deep commitment to the institutions, faculty, staff, students, alumni, and communities we have proudly served for generations. This partnership brings together two strong organizations with shared focus and conviction that we will accomplish more together than we can apart. By combining our strengths, we will create greater opportunities for our members, expand our ability to serve them, and build on the trust they place in us every day.”
‘Smooth Unification’
The two credit unions said leadership is focused on ensuring a smooth unification that prioritizes continuity for both members and employees.
“Furthermore, the combined credit union’s dedication to its institutional roots and community partners remains unchanged,” the credit unions said. “The organization intends to expand its support for local programs, financial education, and institutional partnerships as its capacity grows.
Reflecting what MSUFCU and UTFCU said is the “collaborative spirit” of the partnership, the organization will operate under the shared message “Building Dreams Together.”
About MSUFCU
MSUFCU was founded in 1937 and is headquartered in East Lansing, Michigan. It is the largest university-based credit union in the world. With over $9.3 billion in assets, MSUFCU serves more than 415,000 members with the support of over 1,400 employees. The credit union operates 38 branch locations throughout Michigan and Illinois, while offering a comprehensive suite of services and brands — Oakland University Credit Union, Artichoke Credit Union, AlumniFi, Collegiate, and Pillur — through online and mobile platforms.
About UFCU
University Federal Credit Union (UFCU) was chartered in 1936, and said it has deep roots in education-centered communities and serves more than 250 universities, colleges, associations, and employers across Texas. With $4.2 billion in total assets, UFCU serves over 430,000 Members with the support of more than 800 employees across 30 branches. UFCU is “focused on helping Members achieve financial success through personalized service, digital capabilities, financial education, and long-term community investment.”
More information on the merger can be found here.
