The proposed merger of Big Sky Federal Credit Union into Billings Federal Credit Union has been approved by the National Credit Union Administration.
Billings said in a news release earlier this week that the members of Big Sky had also voted to approve the merger in October. The credit unions, which are both headquartered in Billings, Mont., plan to complete the integration by Feb. 1.
Upon closing, the combined entity will have roughly $158 million in assets and more than 10,000 members. Billings will also have a total of four branches in Billings.
“The board of directors and the staff of Billings FCU are excited to move forward with merging Big Sky FCU into our membership and provide them greater access to products, services and technology,” Tom Boos, president and CEO of Billings, said in a statement. “This partnership will allow us to broaden our branch network, expand our presence, and further strengthen our commitment to the community.”
Boos told Credit Union Journal that Jeanine Blehm, the current CEO of Big Sky, will retire after the merger closes. Of Big Sky’s two other employees, a full-time worker “has chosen to pursue other interests post merger” and a part-time employee will join Billings, Boos added.
The $148 million-asset Billings posted net income of $742,031 through the first nine months of 2018, an almost 28 percent drop from the same period in the prior year.
Meanwhile, the $8.5 million-asset Big Sky posted a net loss of $32,074 through the first nine months of 2018, after recording net income of $8,116 in the same period in the prior year.
