3 Colo. CUs In Merger To Create $890M CU
DENVER-The $176-million Gateway Credit Union said it plans to merge with two other Colorado credit unions that are wrapping up a merger of their own. Gateway will join with $565-million DPS Credit Un-ion, which earlier this year merged with Safeway Rocky Mountain Credit Union.
Together, the credit unions serve Denver and its southern, western and eastern suburbs. Gateway CU members will vote on the merger with DPSCU/SRMCU in June, 2006. The combined organization will have approximately $890 million in assets and 76,400 members, and is expected to take another year to complete. The credit unions reported they are currently finalizing a name change.
WesCorp Raises $500M With Notes
SAN DIMAS, Calif.-WesCorp FCU, which has seen a recent spike in loan demand among its credit union members, announced it has raised $500 million with an offering of two-year global floating rate medium-term notes. The offering was underwritten by UBS, HSBC Securities and Lehman Brothers.