Two Colorado credit unions, the $934 million Elevations of Boulder and the $20 million Longs Peak of Loveland, announced plans for a merger Friday.
The planned consolidation, subject to approval of regulators and a member vote, would become effective June 1.
Lisa Cortese, president/CEO of Longs Peak, said a decision to seek a merger partner was made last January based on a need to provide broader member services to its 4,000 members. The CU, founded in 1953 and with 4,000 members, has maintained 8.99% capital ratio and ROA of 3.8%, said Cortese. She noted that her CU sought out Elevations for the proposed merger.
For its part, Gerry Agnes, president/CEO of Elevations said his CU has enjoyed robust and record growth over the last year "after we made some changes in 2008." Its capital ratio has been at 8.5% and ROA of 1.54%.
He said there are no further plans for additional Colorado mergers "but we are always open to opportunities."
The combined CU will have nine branches stretching from Loveland to Westminster "resulting in an expanded Front Range market which will include Boulder and Broomfield Counties, plus the city of Loveland in Larimer County."