Credit Unions In Mergers, Name Changes
* DENVER-The second time proved to be the charm for Denver Media Credit Union here in its attempt to merge with White Crown Credit Union. Ninety-three percent of members have approved the merger. The two credit unions attempted to merge in 2003, but did not reach the 67% approval rate required by the state. The two credit unions are slated to begin operating jointly in October. The combination of the two credit unions will make it a $50-million CU.
* DUBUQUE, Iowa-The $26.5-million Community Plus CU has agreed to be absorbed via merger by the $355-million Dupaco Community Credit Union here. CPCU has 4,273 members. On Jan. 3, 2006, Community Plus offices in Cedar Rapids and Manchester will reopen as Dupaco branch offices. The credit unions said they chose a year-end merger date in order to allow adequate time for training, member communication, and year-end processing. There will be no layoffs.
* MONTEREY PARK, Calif.-Energy First Credit Union is changing its name to E1 Financial Credit Union."We feel the name E1 Financial Credit Union...affords us the opportunity to create a new identity that will be inviting to those in the community who haven't known us through our relationship with The Gas Company and The Sempra Energy Utilities," said Lynn Bowers, Energy First Credit Union CEO. The credit union said focus groups indicated a perception the credit union was some type of power company.
* NEENAH, Wis.-Members of Valley Health Credit Union have agreed to be absorbed via merger by Lakeview Credit Union. VHCU cited several reasons for seeking the merger, but said the primary reason was its limited asset size and inability to offer new products and services. The VHCU facility will become a branch of Lakeview Credit Union. A special dividend will be paid to VHCU members after the October merger.