The $1.6 billion Westerra Credit Union and its Denver partner, Nice Enterprises Inc., have begun offering their two-year-old merger guide online, it was announced this week.
The "Merger Kit," as it is known, is being distributed to CUs across the country via a web-based hookup that allows participants to update accounting, regulatory and financial data online.
"This latest release is exclusively web-based so that credit unions can now access the kit and its numerous resources from anywhere, anytime with their credit union's password," a statement said.
Expanded information in the kit includes new and updated accounting requirements and the impact financial position and valuation have on merger negotiations and decisions, the firms said.
"The Merger Kit is a powerful one-of-a-kind resource that leads credit unions successfully through every step of a win-win merger," explained Ron Nice, president of the Nice consulting firm. "It is structured as both a plan to follow, as well as an extensive resource toolbox for boards, CEOs and senior management teams to draw from throughout the entire merger process."
C. Alan Peppers, president/CEO of Westerra, said some 40 CUs are now using the kit and he anticipates the online access will enhance the service and bring in more users.
CU mergers, he said, "continue to remain complicated undertakings and even more so given the economy and events which impact our industry."
While the overall merger rate in 2010 is running slightly behind 2009 in part because of the complexities, the need for up-to-date financial information remains vital, Peppers said.
"With the new online kit, all future updates will be made automatically," the release said.