The $2.2 million SMW9 Federal Credit Union of Denver has merged into 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 served other SEGs throughout the Denver area. The credit union had 955 members.
Like many small credit unions, SMW9 has been struggling financially. From 2008 to 2012, the tiny cooperative has posted net income losses totaling $287,855, according to NCUA financial performance reports.
SMW9 FCU members approved the merger on Aug. 26. The merger also has received “preliminary approvals” from state and federal regulators, according to a joint statement of the two credit unions.
“Merging with Westerra provides expanded services and locations in serving the financial needs of our members,” said Paul Aspeslagh, SMW9 FCU chair.