Two Colorado credit unions completing a merger Oct. 1, creating a $1 billion institution, are learning that a clean balance sheet apparently does wonders in getting quick regulatory approval.
Indeed, the $966 million Elevations CU of Boulder said Tuesday it is “thrilled” that its planned merger of the $80 million St. Vrain Valley CU of nearby Longmont won state regulatory approval within less than three months.
At the national level, there have been any number of merger applications that for various reasons have languished at NCUA for months, even a year or more, consultants point out.
“In our case, these are two credit unions that have similar backgrounds, both healthy, have parallel historic education beginnings and are in contiguous markets,” said an Elevations spokesman.
Elevations submitted its merger application to the Colorado Division of Finance on July 21 and won regulatory approval Sept. 12. A final member vote is slated for Sept. 26.
St. Vrain had sought out Elevations on a merger plan last spring, said the spokesman, stressing the “portfolio quality was good” for both CUs, perhaps easing any regulatory delay.
The two CUs have long had close business ties, with Elevations handling St. Vrain’s mortgage processing.
St. Vrain was established in 1954 as Longmont’s first CU and serves more than 9,400 members. Elevations has 85,000 members, was formed in 1952 and serves faculty and staff at the University of Colorado.