UFCU, MSUFCU plan $13.5 billion merger.
The Texas and Michigan credit unions will retain separate regional brands but adopt a single corporate name, with MSUFCU’s April Clobes leading the combined organization.
UFCU of Austin, Texas, and Michigan State University Federal Credit Union of East Lansing plan to combine into an institution with $13.5 billion in assets and more than 850,000 members, adding to a wave of large mergers reshaping the credit union industry.
The credit unions said they expect to complete the combination in summer 2027, pending regulatory approval. Until then, they will operate independently, with no immediate changes to members’ accounts, cards, loan terms or digital banking access.
The combined organization will use University Federal Credit Union as its corporate name and adopt MSUFCU’s charter. The two brands will remain in place in their respective markets: UFCU in Texas and MSUFCU in Michigan and Illinois.
“Purposefully designed from a position of strength, the combination brings together two thriving and growing credit unions with complementary cultures, shared values, and a mutual dedication to Member financial success,” said Michael Crowl, UFCU’s president and chief executive. “We remain focused on providing exceptional Member experiences with people at the heart of everything we do.”
Under the planned leadership structure, April Clobes, MSUFCU’s current president and chief executive, will become chief executive of the combined organization. Crowl will serve as president.
The two institutions have similar roots in education-centered communities. UFCU, chartered in 1936, serves more than 430,000 members through 30 branches and has $4.2 billion in assets. Its membership includes people connected to more than 250 universities, colleges, associations and employers across Texas.
MSUFCU, founded in 1937, has more than $9.3 billion in assets, over 415,000 members and 38 branches across Michigan and Illinois. It describes itself as the world’s largest university-based credit union and also operates several other financial services brands through online and mobile platforms.
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Both institutions reported higher earnings in the first half of 2026 than a year earlier. UFCU earned $16.3 million in the first two quarters, up from $10.3 million in the same period of 2025, according to the credit union. MSUFCU earned $13.6 million in the first six months of 2026, compared with $4.2 million a year earlier, according to National Credit Union Administration call report data.
The combination comes as credit unions pursue larger mergers to expand their reach and scale. Other recent pairings have included First Tech Federal Credit Union and Digital Federal Credit Union, as well as Ent Credit Union and Wings Financial Credit Union.
MSUFCU has also expanded through acquisitions of banks in Illinois. The East Lansing-based credit union announced plans in recent years to acquire Gold Coast Bank and American Eagle Bank and bought two Illinois community banks in 2023.
For members, the institutions say, the immediate effect will be limited. The credit unions will remain separate until the legal combination, which they call “Legal Day One,” is completed. Formal integration planning will move forward after regulatory approvals are secured.
The merger will bring the two organizations under one corporate structure while preserving their established names in the markets where they operate.
“Purposefully designed from a position of strength, the combination brings together two thriving and growing credit unions with complementary cultures, shared values, and a mutual dedication to Member financial success.”
Michael Crowl
President and CEO
UFCU
Ken McCarthy is manager of marketing communications at Tyfone, where he monitors the credit union industry and contributes to conversations shaping its future. He previously covered credit unions and community banking for American Banker and S&P Global Market Intelligence. He holds a journalism degree from Point Park University and has more than 15 years of experience covering financial services. He is also the author of three literary fiction novels.
