CHEYENNE, Wyo.—The boards of directors of Warren Federal Credit Union (WFCU) and Community Financial Credit Union (CFCU) announced that they plan to merge the two institutions.
The proposed transaction remains subject to completion of due diligence, regulatory approvals, and an affirmative vote by CFCU members.
If approved, the merger would close in the spring of 2016.
WFCU is currently a $573-million institution based in Cheyenne, Wyo. With $229-million in assets, CFCU is based in Broomfield, Colo.
CFCU serves more than 17,000 members in Broomfield, Boulder, Jefferson and Adams counties (all in Colorado), while WFCU serves over 50,000 members from Warren Air Force Base, Cheyenne, Wyo., and various select employer groups in Wyoming and northern Colorado.
The parties said that the merged credit union will begin doing business under a new name. That credit union will have in excess of $800 million in assets and serve almost 70,000 members through 11 full-service branch locations in Cheyenne, Laramie, Wyo., and Fort Collins, Wellington, Broomfield and Boulder in Colorado.
Greg Hill, the president and CEO of CFCU, told Credit Union Journal that the transaction will be structured such that CFCU will merge into WFCU. He also noted that Stephanie Teubner, the current president and CEO of WFCU, will be the CEO of the combined organization, while Hill himself will be its president.
"We do not have a new name chosen at this point but anticipate that will occur in the next several months and before the actual merger takes place," Hill added.
Teubner said in a statement: "Along with my executive team, we have been preparing for this moment for a long time. This merger is a major win for WFCU and will allow both staff and members to continue growing together."
