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Federal Charter Change

True Sky Credit Union Federal Charter Change

True Sky Credit Union is wholeheartedly committed to the members and the communities we serve, and we’re excited to announce our plans to evolve from a state-chartered to a federally-chartered credit union. By becoming federally chartered, we will gain more reach to provide competitive value and exceptional service to even more members and communities.

The Board of Directors and management team recommends very strongly that members authorize True Sky’s conversion to a federal charter. As a federally-chartered credit union, we will have the opportunity to strategically grow within the state of Oklahoma and be better positioned to serve our members moving forward.

Below are some Frequently Asked Questions regarding True Sky’s conversion to a federal charter.

True Sky Credit Union Federal Charter Change FAQ’s

Federally-chartered credit unions are regulated by the National Credit Union Administration (NCUA).

In Oklahoma, state-chartered credit unions are regulated by the Oklahoma Banking Department, which regulates all of Oklahoma’s state-chartered credit unions and other financial institutions for compliance with the laws and regulations of the State of Oklahoma.

State-chartered credit unions must still comply with rules and regulations from certain federal agencies .

The leadership team is supported by the Board of Directors in the decision that a federal charter will allow us greater flexibility to expand beyond the current areas we serve today, better positioning the credit union for future growth. The state charter we have limits our ability to grow into new areas.

You will see no impact to your products and services due to the charter change. You will still be able to use your current check stock, the routing number will not change, debit/credit cards will not be reissued, and our website and digital banking will remain the same. The charter change from state to federal, will allow True Sky greater flexibility in growth of our organization and membership.

No. Credit Union deposits will continue to be federally insured by the National Credit Union Association (NCUA), meaning you have up to $250,000 in protection for an individual account. The NCUA provides separate insurance coverage for deposits held in different ownership categories such as individual accounts, joint tenancy accounts, Individual Retirement Accounts (IRAs), and trust accounts.

Yes. But it’s a minor change. Having obtained approval from our Board of Directors and having notified our regulators, the next step in converting from a state to federal credit union is membership approval. A notice of special meeting along with a ballot and voting instructions will be sent to all eligible True Sky members.

The conversion date will happen once we receive all regulatory approvals. We anticipate shortly before the new year.

The only change to the name would be to add the word “Federal” to our legal name.

No. Member voting rights remain the same.

Yes, you will still be a member if you relocate outside of True Sky’s field of membership. Once a member, always a member!

More Questions? Please contact us!

405-682-1990

800-448-1990

Hours:

Monday – Thursday: 7:30 am – 5:00 pm

Friday: 7:30 am – 5:30 pm

Saturday: 8:00 am – 12:00 pm