Premier Members Federal Credit Union in Boulder, Colo., which has an agreement to absorb Colorado United Credit Union in Denver, said it expects to pursue more deals.
Though Premier does not have a target size for its growth, Rhett Bartley Rowe, the president and chief executive officer of the $312 million-asset credit union, said it might consider converting to a thrift in the future, if it needs access to more capital to continue expanding. "It's not off the table," he said.
But for now Premier aims to combine with other credit unions both in its home state and beyond. "Maybe in an adjoining state or something that makes sense in a different region of the country," Rowe said.
Originally Premier served employees of International Business Machines Corp., so Rowe said he could envision it pairing up with similar credit unions elsewhere. "We are by heritage an IBM credit union and there are 50 in the country with a similar heritage."
Branda Abbott, the president and CEO of the $72 million-asset Colorado United, would become president and chief operating officer of Premier.
Rowe said the two credit unions are a good match for each other because they have complementary branch networks.
Premier has eight branches, and Colorado Union would add three more in new markets — Denver and two of its suburbs.
Premier and Colorado Union announced Sept. 4 that they plan to merge.