The True Sky Credit Union and Central Oklahoma Federal Credit Union (COFCU) recently announced their merger has received regulatory approval and approval by a majority vote of the COFCU members.
According to a press release, the legal merger date for the two organizations was planned to be Nov. 1, 2022. The major change at this time is COFCU will become a division of True Sky Credit Union.
The information provided states from a COFCU member perspective, there will be minimal impact at the legal merger date. Both organizations will continue to serve respective members “business as usual” at their branch locations as they work on COFCU being fully integrated from a systems perspective in early 2024.
Central Oklahoma Federal Credit Union was established in 1988 and has just over $35 million in assets, nearly 3,000 members, and operates two branch locations in Lincoln County in Davenport and Chandler.
According to the release, Sean Cahill, True Sky President/CEO, commented, “I’m excited to officially welcome COFCU members and team members to the True Sky family.
Over the past several months as we’ve gotten to know the people and the communities COFCU serves, it’s been confi rmed time and time again that both organizations are committed to serving members, building a culture where employees thrive, and making a difference in the communities we serve.”
“The financial services industry is ever changing and competitive. Over the past few years as COFCU looked at the best way to serve members and employees now and into the future we started to explore the idea of merging,” Tommy Smith said.
Smith will become a Market President for True Sky Credit Union.
“We have a lot of respect for True Sky Credit Union’s board, leadership, and employees. This partnership helps ensure we will thrive,” Smith added.
The organization’s combined assets will be approximately $940 million and together they will serve more than 56,000 members with 14 branches (and three more in the process) throughout Oklahoma, the press release stated.
To stay up to date with the combined organization’s merger information people can visit their respective website at www.trueskycu.com and www.cofcu.net.
True Sky Credit Union was originally chartered in 1946 by the Civil Aeronautics Administration in Oklahoma City and was previously known as FAA (Federal Aviation Administration) Credit Union. Today, it operates 12 branches (with three more in process) serving more than 53,000 individuals, with approximately $905 million in assets.