MSU Federal Credit Union and Texas’s University Federal Credit Union plan a $13.5 billion combination

MSU Federal Credit Union (MSUFCU) of East Lansing, Michigan, and University Federal Credit Union (UFCU) of Austin, Texas, announced on Tuesday, October 13, that their boards of directors have approved a definitive agreement to combine. The credit unions say the combined institution would have more than 850,000 members and $13.5 billion in assets.

The credit unions’ own descriptions give each partner’s size. MSUFCU, founded in 1937, describes itself as the largest university-based credit union in the world, with more than $9.3 billion in assets, more than 415,000 members and more than 1,400 employees. UFCU, chartered in 1936, reports $4.2 billion in assets, more than 430,000 members and more than 800 employees. The release does not give an as-of date for those figures.

April Clobes, MSUFCU’s president and chief executive, would become chief executive of the combined organization, and Michael Crowl, UFCU’s president and chief executive, would become president. The corporate name would be University Federal Credit Union, and the combined organization would use MSUFCU’s charter.

Both brands would continue: MSUFCU in Michigan and Illinois, and UFCU in Texas. The credit unions say members will see no immediate changes and can keep their account numbers, cards and digital banking platforms.

The release says the transition is subject to customary regulatory approvals and gives no completion date. Credit Union Times reported that the plan is pending approval from regulators and from members, with the new leadership taking effect in summer 2027. WKAR, which noted that MSUFCU is a financial supporter of the station, likewise reported an expected close in summer 2027.

“Growth isn’t about scale; it’s about value,” Clobes said in the announcement, which described plans to expand services and invest in technology. Crowl said “we will accomplish more together than we can apart.”

Sources