Denver-area CUs finalize merger

Two Denver-area credit unions have finalized a merger first proposed in late March of this year.

The merger between two Denver, Colo.-based credit unions – the $9.9 million West Denver Community Credit Union and the $315 million Denver Community Credit Union --- became effective on May 1. Members of West Denver Community CU had approved the proposed transaction at a special meeting on March 28.

In a press release, the Mountain West Credit Union Association stated that the merger will provide the former West Denver Community CU members with access to “an expanded branch network and to a variety of financial products and services.” Those members will also “enjoy the convenience of online and mobile banking services, mobile app with mobile deposit, and access to a large surcharge-free ATM network.”

In addition, members will have access to Denver Community CU’s financial education program.

“This merger will allow our members to receive expanded services and opportunities to better enhance their financial lives through the many educational offerings they will now have access to,” said Pat Price, manager of West Denver Community CU, in a statement.

Tessa Bonfante, COO of Denver Community CU, stated that her institution welcomes the 1,668 members of West Denver Community CU and that they “look forward to providing additional services to them.” She added that the employees and the manager of West Denver Community CU “are now part of” the Denver Community CU staff.

In 2016, West Denver Community CU incurred a net loss of about $3,000, after posting a loss of about $17,300 in the prior year.

Meanwhile, Denver Community CU generated net income of about $687,000 in 2016, after recording almost $1.8 million of net income in the prior year.