Targeting Denver, Security Service FCU Takes In Aurora Catholic
"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. Security Service last expanded in Colorado with its May 2007 buyout of the NCUA-conserved New Horizons Community CU of Denver.
With the addition of Aurora Catholic, Security Service will have 14 Colorado locations including facilities in 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 Service became effective March 31. Aurora Catholic is one of a number of small Colorado CUs which sustained loan losses this year and in 2008 relating to the recession.
"We are not in any kind of hunt for prospects but we are willing to talk to those small credit unions that see us as a merger possibility," said Worthington.