WATERFORD, MI (May 27, 2014) -- Oakland County Credit Union and BestSource Credit Union have announced that they will merge effective September 1, 2014. This will result in a combined credit union with almost $300 million in assets, 31,000 members and six branches.
The merger has the unanimous support of both credit unions’ boards of directors and was approved by BestSource Credit Union members in April. The State of Michigan followed with approval in May. The two successful credit unions will merge and operate under the name of Oakland County Credit Union. Once completed, Oakland County Credit Union will be the 14th largest credit union in Southeast Michigan.
“This was a natural partnership of two very similar credit unions,” said Allan Kemp McMorris, President/CEO of Oakland County Credit Union. “Both of our credit unions have a 60-year history of helping members improve their financial lives. When combined, our members will benefit from additional economies of scale and our strong member service will be even better.”
“We couldn’t be more pleased,” said John Normandeau, President/CEO of BestSource Credit Union. “Consolidation of two healthy credit unions benefits both sets of members. Members will have more branches and an enhanced call center to better serve them in the years to come.”
“Our merger is exciting,” added McMorris, “because it promises to combine shared values in terms of our commitment to our members, our employees and our communities.”
BestSource Credit Union currently has two branches in Southeast Michigan – one in Waterford and another in West Bloomfield. Oakland County Credit Union currently has four branches in Southeast Michigan: two in Waterford, one in Clarkston and another in Oxford. Once merged, the credit union will have six full serve branches serving four communities in Oakland County as well as thousands of members across the country.
About Oakland County Credit Union
Oakland County Credit Union has provided financial services since 1953 and serves all who live, work or worship in Oakland County. Oakland County Credit Union has almost $200 million in assets and serves over 21,000 members in the communities of Waterford, Clarkston and Oxford with through four branches, 5,000 national shared branches, and 30,000 no surcharge ATMs.
About BestSource Credit Union
BestSource Credit Union is celebrating its 60th year of service and has nearly $100 million in assets. BestSource Credit Union operates two full service branches and serves 10,000 members in Waterford, West Bloomfield and nationwide.