Central Oklahoma Federal Credit Union and True Sky Federal Credit Union recently announced plans to merge, pending regulatory approval and a Central Oklahoma membership vote. The organizations’ combined assets would be approximately $900 million, and together they would serve more than 55,000 members with 17 branches in Oklahoma.
“As the CEO of Central Oklahoma, I see the importance of remaining relevant in today’s ever changing digital world,” said Tommy Smith, president and CEO of Central Oklahoma. “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. Whether it’s a collective group of people, or a large membership, helping those who need it, is what this movement was founded on. It’s wonderful to see that same philosophy living on today in the Credit Union industry.”
In the combined organization, Smith will be the Market President — Central Oklahoma. Sean Cahill, True Sky President/CEO, will be the CEO for the combined organization.
“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,” he said. “Sometimes that includes partnering with a smaller credit union. We do this, all while advancing the ability to better serve our existing members. 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!”
As member-owned cooperatives, and under the guidelines of the National Credit Union Association, full merger approval is contingent upon Central Oklahoma’s Member approval. Upon that approval, the entities will become one sometime in 2022. As the merger process moves forward, both credit unions will provide information to their respective memberships via their websites (www.trueskycu.com and www.cofcu.net), and other applicable communication channels.