SALT LAKE CITY – Mountain America FCU, the state’s second largest credit union with $2.4 billion in assets, said Friday it has agreed to acquire Salt Lake CU, Utah’s 10th largest credit union.
Salt Lake CU, which has assets of $265 million, recorded a $3.6 million loss for 2007, one of the biggest losses for a credit union its size. The two credit unions said they have been discussing a merger for the last five years.
Mountain American had net income of $37 million for 2007.
Salt Lake CU has 10 branches and Mountain America FCU has 49 branches in four states, with 43 of them in Utah, and the rest in Nevada, New Mexico and Arizona.
The combination is the latest between large credit unions, following last month’s announcement of a merger between First Future CU and California Coast CU, creating a $1.9 billion San Diego credit union; and the recent marriage of Summit CU and Great Wisconsin CU to create Wisconsin’s largest credit union with $1.2 billion in assets.
Members of Salt Lake CU are scheduled to vote on the merger Wednesday.
