OKLAHOMA CITY — The merger of True Sky Credit Union and Central Oklahoma Federal Credit Union (COFCU) has received regulatory approval as well as approval by a majority vote of the COFCU members.
The legal merger date for the two organizations is planned to be November 1, 2022.
It is part of a continuing period of change and growth for True Sky that has been recognized on the national level.
The biggest change is COFCU will become a division of True Sky Credit Union. From a COFCU member perspective, there will be minimal impact at 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.
The organization’s combined assets will be approximately $940 million and together they will serve more than 56,000 members with 14 branches (and 3 more in the process) throughout Oklahoma.
The merged credit unions will maintain the “True Sky” name and the current President/CEO of True Sky, Sean Cahill, will be the CEO for the new combined organization.
This comes during a period of growth for True Sky (one of our sponsors) while garnering positive public recognition.
This partnership allows Central Oklahoma to offer expanded access and conveniences to their members through additional branch locations, the ability to offer more competitive products and services, and enhanced technology and digital offerings providing greater 24/7 convenience for members.
“I’m excited to officially welcome COFCU members and team members to the True Sky family,” said Sean Cahill, True Sky president. “Over the past several months as we’ve gotten to know the people and the communities COFCU serves, it’s been confirmed 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 serve members and employees now and into the future we started to explore the idea of merging,” Tommy Smith, who will become a Market President for True Sky Credit Union said. “We have a lot of respect for True Sky Credit Union’s board, leadership, and employees. This partnership helps ensure we will thrive.”
Cahill was just named “Most Admired CEO” by the Journal Record, and Forbes cited True Sky in its “Best Credit Union” list for Oklahoma for the third year in a row.
‘People helping people‘
The current President/CEO of Central Oklahoma Credit Union, Tommy Smith, will become Market President — Central Oklahoma in the new organization.
“As the CEO of Central Oklahoma, I see the importance of remaining relevant in today’s ever-changing digital world,” said Smith. “We’re seeing more small credit unions continue to partner with larger credit unions, because together we can provide more member value.”
“This partnership really reflects the philosophy of why credit unions were formed long ago, the idea of people helping people,” continued Smith. “Whether it’s a collective group of people, or a large membership, helping those who need it, is what this movement was founded on.”
‘The right thing‘
True Sky’s Cahill has been instrumental in leading the organization through a period of expansion into areas of the wider OKC metro with a focus on underserved populations and members who previously had to travel long distances to find a branch.
“As Credit Unions and financial stewards for our members’ money, we have an obligation to find ways to improve members financial lives and the communities we live and work in,” said Cahill. “Sometimes that includes partnering with a smaller credit union.”
“We do this, all while advancing the ability to better serve our existing members,” Cahill continued. “When you can form a partnership and combine efforts that provide enhanced offerings and significant benefits to members, team members, and the communities we serve, it’s the right thing to do!”
Background
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 (soon to be 15), serving more than 50,000 individuals, with approximately $850 million in assets. It remains one of the largest credit unions in Oklahoma City.
Established in 1988, Central Oklahoma Federal Credit Union has just over $35 million in assets, has nearly 3,000 members, and operates 2 branch locations. They are a community development Credit Union and pride themselves on serving the underserved and being a steward in their communities.
To stay up to date with the combined organization’s merger information you can visit their respective website at www.trueskycu.com and www.cofcu.net.
Last Updated October 31, 2022, 11:00 AM by Brett Dickerson – Editor
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