Mergers
Two major credit union mergers marked a moment of continued growth and consolidation in the credit union movement, expanding financial services and stability for thousands of members across the country.
In Utah, Utah Community Credit Union (UCCU) and TransWest Credit Union announced the completion of their merger, bringing together more than 285,000 members and over $3.5 billion in assets under the UCCU name. The unified credit union now operates 25 branches, including four new locations in Salt Lake County.
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“This merger is all about bringing together two healthy credit unions that share a commitment to local decision-making and community involvement,” Justin Olson, UCCU's president/CEO, said. “By uniting as one, we’re able to provide even greater value to our members, expand our resources and strengthen our ability to serve our communities for generations to come.”
Former TransWest CEO Steven Pratt added, “Joining with UCCU ensures that our members continue to receive the very best financial products and services, while staying true to our shared values and community spirit.”
TransWest’s $20.97 million net worth will transfer to UCCU. Members approved the merger on Dec. 30, 2024. No executive compensation details were disclosed in the NCUA filing.
Meanwhile in South Carolina, VITAL Federal Credit Union members voted on May 20 to approve a merger with Founders Federal Credit Union, one of the Carolinas’ largest and most innovative credit unions. The merger will take effect Sept. 15, 2025, when VITAL’s Spartanburg branch will reopen as a Founders location.
“We already share many common bonds with VITAL and we believe this will be a positive experience for everyone,” Bruce Brumfield, CEO of Founders Federal Credit Union, said. “We look forward to serving VITAL members and providing them with the same personal service along with strengthened financial offerings.”
Founded in 1950, Founders serves more than 276,000 members across 45 branches with more than $4.8 billion in assets. VITAL, based in Spartanburg and chartered in 1964, brings 6,000 members and $57 million in assets into the merger.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
