Months after the Clarkston, Mich.-based Clarkston Brandon Community Credit Union was placed into conservatorship, the beleaguered credit union merged into the East Lansing, Mich.-based Michigan State University Federal Credit Union, the NCUA announced Friday.
In January, the credit union's former CFO, Michael Anthony LaJoice, confessed to embezzling $20 million, and the FBI opened an investigation into LaJoice's activities. The State of Michigan Department of Insurance and Financial Services placed the credit union into conservatorship on Jan. 13 and appointed the NCUA as conservator.
The two agencies worked together to address issues affecting the credit union's safety and soundness and determined that merging Clarkston Brandon Community into Michigan State University FCU was in the best interests of the members.
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