Southwest Colorado Federal Credit Union of Durango, Colo., will merge with Credit Union of Colorado in Denver.
Members of the $55 million-asset credit union overwhelmingly voted in favor to merge with Credit Union of Colorado during a special member meeting on December 16.
“This merger is great news for our members,” Emily Ter Maat, CEO of Southwest Colorado FCU, said in a statement. “By joining with a larger, more diversified credit union, we’ll be able to offer our members a sound and secure future without sacrificing the personalized service and dedication to our community that they trust us to deliver.”
Ter Maat added that the credit union would not have pursued the deal if they failed to find a partner who lacked similar cultures.
“We could not be more pleased to welcome Southwest Colorado Federal Credit Union members to our Credit Union of Colorado family,” Terry Leis, CEO of Credit Union of Colorado, said in a press release. “We are looking forward to honoring the Southwest Colorado Federal tradition of serving members and the community.”
The deal is intended to expand member services and ensure long-term financial stability. Southwest Colorado FCU's Durango branch will remain open as a Credit Union of Colorado branch and retain all current staff. The merger will take effect on Jan. 1, 2020.
Serving more than 134,000 members, Credit Union of Colorado has 16 branches and nearly $1.6 billion in assets.
