Colorado CU Merges Brighton FCU
The $90 million Colorado Credit Union of Littleton expects to complete the merger and computer conversion of the nearby $12 million Brighton FCU this weekend.
Industry sources said the merger reflects the ongoing plight of small CUs to keep pace with technology.
The merger of the two healthy CUs was actually made effective in December, but is being formally announced to members this week, said Dawn Hart, vice president-marketing/human resources/sales at Colorado CU.
"Sure, we would love to merge other smaller credit unions provided we share the same philosophies," said Hart.
Brighton FCU, located 40 miles from Littleton, approached Colorado CU a year ago about a merger when they realized the cost of installing a data processing system would be prohibitive and that a consolidation with another CU was a viable solution.
"When evaluating this merger opportunity it quickly became evident how both memberships would benefit from uniting these two strong credit unions," said Michael Williams, president/CEO of Colorado CU. Under the merger, Roxene Auen, Brighton's former CEO, has been named Brighton branch manager.