As part of its metro Denver expansion, the $975 million Elevations Credit Union of Boulder is making plans to merge with the nearby $80 million St. Vrain Valley CU of Longmont.
Both CUs are healthy and well-capitalized, with St. Vrain choosing the merger route to expand a product line that would include mortgages offered by Elevations, the state’s fifth-largest credit union.
The planned merger is subject to approval of the St. Vrain membership and regulators.
“We see this as a natural fit both culturally and geographically,” said Carroll Beach, Elevations chairman.
The merger is slated to become effective Oct. 1.
The merger would give Elevations three new branches for a total of 11.
“In spite of the challenges in the economy, both Elevations and St. Vrain are financially strong as both organizations have capital ratios exceeding 9%,” said Gerry Agnes, president/CEO of Elevations.
Eva Gaudio, president/CEO of St. Vrain, “will join Elevations’ senior executive team and two SVCCU board members will sit on a combined board,” said a statement. Full integration of the two operations would take place in the spring of 2012.