Sooper Credit Union, Arvada, Colo., and Denver Community Credit Union, Denver – announced plans for a merger of equals.
The proposed merger, which is expected to close by the third quarter of 2017, will create an institution with combined assets of more than $620 million, and operate out of nine Colorado locations.
Donna Ogorek, VP of marketing & business development at Sooper CU, told Credit Union Journal that "there will most likely be a new name developed for the surviving entity. A name has not been decided [yet]."
While most credit union mergers involve a significantly smaller credit union being absorbed by a larger credit union, Sooper and Denver Community are of similar size, with Sooper boasting $329-million in assets, while Denver Community CU has $296-million in assets.
"We see a lot of synergies for our members and employees in this partnership," said Dan Kester, president and CEO of Sooper CU, in a statement. "Convenience will be enhanced with the addition of branches. This partnership is the next step… toward our larger goal of providing our members with a broader platform of products and services."
Carla Hedrick, president and CEO of Denver Community CU, stated that both credit unions are "very strong financially" and that the transaction will be a "merger of opportunity focused on providing value to our members."
Hedrick noted that both CUs are "state-chartered, with similar cultures and philosophies" and that the two institutions have "worked very collaboratively for many years."
