DENVER – Members of Jeffco CU last week approved the merger of the $175 million credit union into Westerra CU, the state’s third largest credit union.
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Jeffco, which reported a $1 million loss for 2008 and a $1.4 million loss for the first quarter (almost all of it due to the corporate bailout charge), serves Jefferson County Public Schools, Colorado's largest school district.
The merger will give Westerra more than $1.1 billion in assets and almost 90,000 members. Westerra had a $1 million operating net for the first quarter which was erased by a $7 million charge for the corporate bailout.
