BOULDER — Premier Members Federal Credit Union and Boulder Valley Credit Union said Thursday they intend to merge.
The new organization will operate as Premier Members Credit Union. The two Boulder-based credit unions in a joint statement said the new organization will use BVCU’s state charter and will continue to have its corporate office in Boulder. Staffs at both credit unions, approximately 185 full-time workers and 25 part timers, will be retained.
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The boards of both credit unions have approved the merger, but it still must be approved by state and national regulators, as well as Premier Members’ membership.
Carlos Pacheco, Premier’s chief executive, will co‐lead the combined organization as CEO alongside Rick Allen, current BVCU president/CEO, who will continue his role as president/CEO. The combined organization will have assets of $820 million, total members of 65,000 and 17 branches in Boulder, Louisville, Longmont, Firestone, Arvada, Westminster, Greenwood Village and Estes Park. The board of the new organization will consist of 16 members from the existing two boards.
“We are constantly exploring all strategic alternatives. A partnership with Premier Members presented great opportunity,” said Wayne Turnacliff, chairman of BVCU’s board of directors.
Mark Gisi, chairman of Premier’s board of directors, said combining the strengths from each credit union expands service for both groups through “improved product lines, expanded technology offerings and overall financial stability.”
Premier Members, founded in 1966, has more than 40,000 members in Boulder and the Denver metro area. It has approximately $500 million in assets, and 11 full‐service retail branch locations. Boulder Valley Credit Union, formed in 1959, has approximately 24,000 members with more than $335 million in assets. It operates four local branches, four student credit union branches, and members can access a national network of 5,000 CU Service Centers and 30,000 CO‐OP ATMs.