Last Updated on July 1, 2022, 11:00 AM | Published: June 30, 2022
OKLAHOMA CITY (Free Press) — True Sky Credit Union has announced merger plans with Central Oklahoma Credit Union. It is part of a continuing period of change and growth for True Sky that has been recognized on the national level.
The move is contingent on regulatory approval and a Central Oklahoma membership vote. With that approval, the two credit unions plan to achieve the merger in 2022.
The organization’s combined assets would be approximately $900 million, and together they would serve more than 55,000 members with 17 branches in Oklahoma, according to information released by True Sky June 24. Also, the merger would provide more branches as well as 24/7 convenience for members.
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.
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!”
Seeking member approval
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.
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.
Founder, publisher, and editor of Oklahoma City Free Press. Brett continues to contribute reports and photography to this site as he runs the business.
