Two of Topeka's largest credit unions, Credit Union 1 of Kansas and Credit Unions United with combined assets of $250 million, are planning a merger "of equals" to take place in 2010.

"This is a strong consolidation of two healthy credit unions," said Vickie Hurt, president/CEO of Credit Union 1. "By joining forces as one organization, members of the new credit union will be able to take advantage of the economies of scale that will promote efficiency, as well as favorable rates and fees."

The combined CU will be renamed operating under a single charter, officials said. A vote by the membership of both CUs is slated for Nov. 4 with completion of the consolidation in April 2010, said a statement.

Both CUs have branches outside of Topeka: Credit Union 1 in Shawnee and Fort Riley, and Credit Unions United in Pittsburg.

"Both credit unions have strong capital and efficient operations," said the statement. "However, given the challenges of competing and growing in the current economic climate, the boards of directors believe that consolidating will make for a more robust organization, better positioned for future growth and success."