The boards of directors from both institutions approved the plan. The merger is expected to become effective in the fall pending regulatory approval and a vote by members of Boulder Municipal Employees Federal Credit Union.
“We believe that this is the right decision, at the right time, and for the right reasons,” said Ann Babiak, president and chief executive of Boulder Municipal, in a prepared statement. “There is tremendous competition in our industry, and this move will allow us to grow and ensure long-term value for our members.”
Community Financial Credit Union has offered its members financial services including a loyalty program referred to as Relationship Rewards, and an annual Member Bonus dividend which has returned more than $1.8 million in earnings to members in the last six years.
Greg Hill, president and chief executive of Community Financial said he is excited about bringing these benefits to members of Boulder Municipal. “BME FCU has a loyal membership base and will be a great partner,” he said. “We look forward to providing our collective membership groups great service and value.”