DENVER – Westerra CU announced today it has agreed to acquire Jeffco CU, creating another $1 billion credit union, this one serving the state’s two biggest school districts.
The combination will create a credit union with almost $1.1 billion in assets under the Wisterra name, serving Denver Public Schools and Jeffco Public Schools, as well as hundreds of select groups. Wisterra itself was formed by the 2006 combination of three large credit unions, Denver Public Schools CU, Safeway Rocky Mountain Employees CU and Gateway CU.
Both credit unions were profitable through the first three quarters of 2008.
Alan Peppers, president and CEO of Wisterra, will head the combined credit union.
The combination comes after a flurry of mergers has remade the local credit union market over the past year, with Ent FCU paring with USAlliance FCU; Bellco CU acquiring Great American Community FCU and Public Service CU acquiring the failed Norlarco CU.
Each of the credit unions acquired in those mergers reported net losses.
