Security Merging Aurora Catholic in Colorado
Security Service Federal Credit Union in San Antonio is expanding its Colorado footprint this month merging the $13.7 million Aurora Catholic FCU.
"This is a credit union that came to us and so we have a merger that makes sense to all parties," said John Worthington, senior vice president of the $5 billion San Antonio CU which last expanded in Colorado with its May 2007 buyout of the NCUA-conserved New Horizons CU of Denver.
The addition of Aurora Catholic will provide Security Service its sixth location in the Denver area. The CU operates 13 other Colorado locations including Pueblo, Colorado Springs and Fountain.
Aurora Catholic, founded in 1955, has a membership composed of parishioners at churches, schools and organizations in the Denver diocese. Security noted that it already serves a parishioner base at the Corpus Christi diocese.
The merger with Security became effective March 31. It was understood Aurora Catholic is one of a number of small Colorado CUs which have sustained loan losses this year and in 2008 relating to the recession.