Banking & Finance April 29, 2015 5:36:30 pm

Premier Members, Boulder Valley credit unions clear final merger hurdle

By Doug Storum

BOULDER — Premier Members Federal Credit Union announced Wednesday that its membership has approved its merger with Boulder Valley Credit Union, the final step in the approval process of the merger that was announced in March.

The merger of the two Boulder-based credit unions will be effective May 1. Federal regulators had approved the merger April 8.

The new organization will operate as Premier Members Credit Union and use Boulder Valley Credit Union’s state charter. It 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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But both credit unions will operate under their current names until account, service, and system integration is completed, which is expected to take 12 to 18 months, according to a prepared statement.

Carlos Pacheco, Premier’s chief executive, will co‐lead the combined organization as chief executive alongside Rick Allen, BVCU’s president/CEO, who will continue his role as president/CEO.

The combined organization will have assets of approximately $820 million, about 65,000 members 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’re very excited to receive this final approval from our members,” Pacheco said in the statement. “We look forward to the opportunity to serve this combined membership, and make good on our promise to be better together.”

Wayne Turnacliff, chairman of the BVCU board, said the merger benefits both credit unions by expanding services and locations.

Premier Members, founded in 1966, has more than 40,000 members in Boulder and the Denver metro area. It has nearly $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.