The $2.2 million SMW9 Federal Credit Union of Denver has mergedinto the $1.2 billion Westerra Credit Union also in Denver effective Sept. 1.
|SMW9 FCU was founded by a group of sheet metal workers in 1959.In addition to sheet metal workers the credit union also servedother SEGs throughout the Denver area. The credit union had 955members.
|Like many small credit unions, SMW9 has been strugglingfinancially. From 2008 to 2012, the tiny cooperative has posted netincome losses totaling $287,855, according to NCUA financialperformance reports.
|SMW9 FCU members approved the merger on Aug. 26. The merger alsohas received “preliminary approvals” from state and federalregulators, according to a joint statement of the two creditunions.
|“Merging with Westerraprovides expanded services and locations in serving the financialneeds of our members,” said Paul Aspeslagh, SMW9 FCU chair.
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