Utah Credit Unions Plan Billion-Dollar Merger
The boards of directors of the $848 million Goldenwest Credit Union in Ogden, Utah and the $143 million USU Charter Credit Union in Logan, Utah, said Tuesday they have agreed to merge.
Although USUCCU will merge into Goldenwest CU, USUCCU will maintain its brand to stay “true to its roots” as an affiliate of Utah State University, according to a joint statement released by the credit unions. USUCCU will operate as a division of Goldenwest CU.
“It is important we retain our identity as a credit union that serves the students, faculty, staff and alumni of Utah State University,” said Steve Carroll, board chair of USUCCU. “Our members have tremendous loyalty to the Utah State brand.”
Established in 1957 on the Utah State University campus, USUCCU serves 17,224 members and operates five branches. Goldenwest CU opened its doors in 1936 and operates 21 branches and serves 88,319 members.
“Goldenwest is the ideal strategic partner for us,” said David Butterfield, president/CEO of USUCCU. “Both credit unions are financially sound, our fields of membership are complementary to one another, and we share similar values for members, employees and the community.”
The merger is expected to be completed in the fourth quarter, the credit unions said.