Members of two local credit unions have voted to move forward with their merger.
The vote earlier this month came after regulators approved the merger of Boulder Municipal Employees Federal Credit Union in Boulder with the Broomfield-based Community Financial Credit Union. The merger is expected to become final this fall.
“We are both viable, well-capitalized credit unions coming together to create economies of scale, long-term sustainability, and to offer additional locations to help meet the financial needs of our members,” said Ann Babbiak, president and CEO of Boulder Municipal Employees Federal Credit Union, in a statement.
The merged institution will operate one branch in Boulder, one in Broomfield and a third, also in Broomfield, that is expected to open early in 2015. The new institution will have 18,000 members and assets of more than $200 million, according to Patti Hazlett, director of corporate communications for the Mountain West Credit Union Association.