Utah First Acquiring Two Small CUs
SALT LAKE CITY - Utah First Federal Credit Union announced July 30 it is planning to acquire two state-chartered credit unions in a move that will bring Utah First's total assets to more than $150 million once the transactions are completed. The proposed transactions include Utah First's acquisition of Salt Lake City-based Postal First Credit Union which has more than 1,200 postal worker members and $4.5 million in assets, and Murray-based Utah Oil Workers Credit Union that currently serves more than 3,200 members and has $15 million in total assets. Postal First members have already approved the merger. Utah Oil Workers' members are scheduled to vote on and pass the proposal later today. Regulatory approval for the mergers is expected, said Utah First. In a press release, Darin B. Moody, president of Utah First, said the mergers pursued "by gathering economies of scale" would serve to "provide better financial products and services to the members of all three credit unions." He hinted the CU might seek additional mergers in the future. Utah First currently has 18,000 members and has more than $130 million in assets.