Friday, March 25, 2016

Conserved Clarkston Brandon Community Credit Union Merged into Michigan State University FCU

Clarkston Brandon Community Credit Union, of Clarkston, Michigan, has been merged into Michigan State University Federal Credit Union, of East Lansing, effective March 25, the National Credit Union Administration (NCUA) announced.

At the time of the merger, Clarkston Brandon Community Credit Union was a federally insured, state-chartered credit union with 8,536 members and assets of $68.5 million, according to the credit union’s most recent Call Report.

The State of Michigan Department of Insurance and Financial Services placed Clarkston Brandon Community Credit Union into conservatorship on January 13, 2016 and appointed the National Credit Union Administration as conservator.

The former CFO of Clarkston Brandon Community Credit Union admitted earlier this year to embezzling $20 million from the credit union.

Read the press release.

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