Utah CU Says It's Seeking Merger Partners
Increasing numbers of credit unions are looking to expand their branch network without spending a dime. Fred Nydegger, vice president for credit union giant Mountain America FCU, said his $1.3-billion credit union completed two mergers over the past year and is looking for more to help expand its branches.
"We're looking for merger partners in strategic locations, rather than open new branches," Nydegger told attendees to the annual National Association of Community CUs' annual conference here, noting that mergers is the cheapest way to add new branches.
The Salt Lake City-based credit union converted to a federal charter serving 500 select groups earlier this year, but has since added Salt Lake County, the state's most populous, to its field of membership through a merger.