Member Deposits Remain Protected to $250,000, Member Services Uninterrupted
ALEXANDRIA, Va. (March 25, 2016) –Clarkston Brandon Community Credit Union, of Clarkston, Michigan, has merged into Michigan State University Federal Credit Union, of East Lansing, effective today, the National Credit Union Administration announced.
The new Michigan State University Federal Credit Union members should experience no interruption in services, and member deposits remain protected by the National Credit Union Share Insurance Fund. Administered by NCUA, the Share Insurance Fund insures individual accounts up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund separately protects IRA and KEOGH retirement accounts up to $250,000. The Share Insurance Fund has the backing of the full faith and credit of the United States. Members may visit the Share Insurance section (opens new window)of NCUA’s MyCreditUnion.gov (opens new window)website at any time for more information about their insurance coverage.
New Michigan State University Federal Credit Union members with questions about their accounts can contact the credit union by telephone at 1-800-678-4968 Monday through Friday from 7 a.m. to 9 p.m. Eastern and Saturday from 9 a.m. to 3 p.m. Eastern. Members may continue to transact business at both former Clarkston Brandon Community Credit Union locations at 8055 Ortonville Road in Clarkston and 4 South Street in Ortonville. Members can visit Michigan State University Federal Credit Union’s website (opens new window)for more information about the credit union, its services and branches.
Prior to the merger, Michigan State University Federal Credit Union served 208,650 members and had assets of $3.03 billion, according to the credit union’s most recent Call Report.
At the time of the merger, Clarkston Brandon Community Credit Union was a federally insured, state-chartered credit union with 8,536 members and assets of $68.5 million, according to the credit union’s most recent Call Report. Chartered in 1957, Clarkston Brandon Community Credit Union served anyone who lived, worked, worshiped, attended school in, and businesses in, the Michigan counties of Oakland, Genesee, Lapeer, Livingston and Macomb.
The State of Michigan Department of Insurance and Financial Services placed Clarkston Brandon Community Credit Union into conservatorship on Jan. 13, 2016 and appointed the National Credit Union Administration as conservator. The two agencies worked together to address issues affecting the credit union’s safety and soundness and determined that merging Clarkston Brandon Community Credit Union into Michigan State University Federal Credit Union was in the best interests of the members.