'Merger of Equals' Moves Forward With State, Federal Approval

BOULDER, Colo. — State and federal regulators have granted approval for two Boulder-area credit unions to take part in a "merger of equals."

The merger between Premier Members FCU and Boulder Valley CU — a combined $820 million in assets — has been approved by NCUA and Colorado regulators, and representatives from both CUs praised the development.

PMFCU CEO Carlos Pacheco called it "an important step in the merger process," while BVCU Chairman Wayne Turnacliff said the two CUs were "excited about the opportunity to deliver additional value to our combined membership."

PMFCU members must now vote to approve the merger, and qualified members are receiving ballots this month. The outcome of the vote is expected to be announced during a special Premier Members FCU meeting on April 28.

As CU Journal has already reported, Carlos Pacheco will co-lead the combined credit union as CEO along with current BVCU president and CEO Rick Allen, who will serve as president and CEO. The CU will operate as Premier Members CU, and all current staff from both credit unions will be retained.