BOULDER, Colo. — Two credit unions here plan to come together in a "merger of equals."
Premier Members FCU and Boulder Valley CU announced their intention to merge Thursday, with the boards at both institutions unanimously approving the combination. Regulators at the state and federal level must still approve the merger, along with the membership at both credit unions.
The new, combined institution will be led by both Carlos Pacheco, CEO at Premier Members, and Rick Allen, Boulder Valley's president and CEO, and the credit union will have assets of more than $820 million, with 65,000 members and 17 branch locations. The board will be comprised of 16 members from both CUs' existing boards of directors.
Neither credit union needs the merger, as is often the case when institutions join forces. Both credit unions had positive net incomes in 2014, as Boulder Valley earned $1.4 million, while Premier Members pulled in more than $6.9 million. This merger continues the trend seen lately of many healthy CUs voluntarily merging, though few of those to do so far have been as successful as either of these two CUs.
One BVCU board member called the move a great opportunity for both institutions.
"Both Premier Members and Boulder Valley share the goal of providing high-quality financial services with professionalism and enthusiasm. Combining the credit unions allows the ongoing organization to better serve members with nine additional branches including locations in Longmont, Arvada, and Westminster," said Wayne Turnacliff, chair of Boulder Valley’s board of directors.
"When two strong, well-capitalized credit unions join forces, members at both credit unions benefit tremendously," said Mark Gisi, Chair of PMFCU Board of Directors. "Combining the strengths from each credit union expands service for our respective membership groups through improved product lines, expanded technology offerings, and overall financial stability."
