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Michigan Credit Union League

Troubled Clarkston Brandon Community CU Absorbed in Merger by MSUFCU

Michigan State University FCU (MSUFCU) announced recently that it will be absorbing troubled Clarkston Brandon Community CU (CBCCU) as part of its expansion efforts into the metro-Detroit area.

In January, Clarkston Brandon’s CFO confessed to embezzling $20 million, and the credit union was subsequently placed into conservatorship by DIFS and NCUA. All Michigan credit unions are insured by the NCUA for a minimum of $250,000 per depositor, and not one cent of the members’ money was lost as a result of the embezzlement.

This merger expands MSUFCU’s foothold in the Detroit area, where it already serves the Oakland University community. The $3 billion-asset credit union already has 34,000 members living in counties served by CBCCU. Those members will now have access to additional products and services and increased account access, along with two new branch locations in Oakland County and three additional ATMs. Extended hours and additional services like eDeposit, live chat and mobile banking will also be available for CBCCU members as a result of the merger.

“We are excited for the opportunity to serve the CBCCU members and fulfill the credit union philosophy of ‘people helping people,’” said April Clobes, MSUFCU’s president and CEO. “This merger allows us to help a community‐focused credit union and its members by providing our enhanced portfolio of financial products and services, thousands of ATMs through the CO‐OP ATM network, and expanded technological offerings. Additionally, the merger complements our long-term growth strategy to better serve our existing 34,000 members and over 115,000 MSU and OU alumni in the metro-Detroit area.”

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2016-03-28 00:00:00