OGDEN, Utah NCUA reported today it has approved the merger of Goldenwest CU with USU Charter CU, creating the 209th credit union in the U.S. with assets over $1 billion.
USU Charter is based in Logan, serves employees at the University of Southern Utah and numerous select groups. The CU has more than $140 million in assets and operates five branches, in Logan, at the University, Brigham City, Providence and Smithfield.
Goldenwest has more than $850 billion in assets and serves 89,000 members at 21 branches in Weber, Morgan, Davis, Salt Lake, Utah and Washington counties.
Goldenwest reported $6.1 million in net income for the first six months of 2013 and 12% net worth. USU Charter had $452,000 in first half net income and net worth of 8.9% at June 30. The merger is expected to be completed in the fourth quarter.
