Frontier Financial Credit Union has merged into Greater Nevada Credit Union, effective Oct. 1, GNCU said late Monday.
Frontier Financial CU had approximately $80 million in assets and 7,500 members prior to the merger, as well as two branches, located in Reno and Sparks, Nev.
The membership of Frontier Financial CU held a three-week special election leading up to a final vote on Sept. 21. According to officials with the two credit unions, the membership of Frontier Financial Credit Union voted “overwhelmingly” in favor of merging into Greater Nevada CU.
Greater Nevada CU is headquartered in Carson City, Nev. According to the National Credit Union Administration, GNCU has $729 million in assets. The merger of FFCU will push it to more than $800 million in assets.
The merger broadens GNCU’s branch network to 14 locations across Northern Nevada. Greater Nevada said it plans another branch opening across from the University of Nevada, Reno later this year.
“It also expands Greater Nevada Credit Union’s membership to more than 63,000 consumers and small businesses, making it Northern Nevada’s largest locally owned financial institution,” the credit union said in a statement.
The majority of the FFCU staff was welcomed to the GNCU team, the two credit unions said.
Wally Murray, president and CEO of Greater Nevada CU, said, “We are honored the membership of Frontier Financial Credit Union entrusted us by approving the merger. The members who have now become part of Greater Nevada will continue to enjoy exceptional personalized service, while having access to even more products, services and conveniences to help them live greater.”
Greater Nevada Credit Union was chartered in 1949. In 2016 GNCU reported more than $7.9 million in net income. As of Dec. 31, 2016, its net worth ratio was 9.75 percent (“well capitalized”).
