Central Oklahoma Federal Credit Union and True Sky Federal Credit Union announce merger
OKLAHOMA CITY, OK (June 23, 2022) — Central Oklahoma Federal Credit Union and True Sky Federal Credit Union are excited to announce their plans to merge pending regulatory approval and a Central Oklahoma membership vote. 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.
A Central Oklahoma merger with True Sky represents a partnership between two credit unions that are committed to members and the communities they serve. This partnership would allow 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.
“As the CEO of Central Oklahoma, I see the importance of remaining relevant in today’s ever changing digital world. We’re seeing more small credit unions continue to partner with larger credit unions, because together we can provide more member value.” says Tommy Smith, President/CEO of Central Oklahoma. “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 and CEO for the would be combined organization, agrees. “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. 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!” Cahill says.
Cahill has demonstrated a commitment to the Oklahoma community and was just named
“Most Admired CEO” by The Journal Record in Oklahoma. His dedication and commitment to members and the communities of Oklahoma will be beneficial as he continues to lead the Credit Union forward. “Credit Unions share my personal belief of giving back to our communities”, Cahill says. “I’m excited about the opportunity to increase our community presence and continue to give back.”
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.
About Central Oklahoma Federal Credit Union
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.
True Sky Credit Union
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.