Credit Union Consolidation Trend Marches On in 2006
The president/CEO, C. Alan Peppers, frequently stressed that consolidation "is now a way of life in Colorado" as the Denver CU says it is open to more mergers in the future. The CU also spent months in coming up with the Westerra name hiring a local agency for marketing communication.
Credit unions weren't the only industry players to consolidate. The largest corporate credit union merger ever (see more details on page 36) between Empire Corporate and Mid-States closed in what was a $10 billion deal. Another merger between $27 billion WesCorp and $1 billion VolCorp did not close in '06, but did make progress.