WICHITA, Kans.—The $1.9-billion Meritrust Credit Union here and $1.7-billion Premier Members CU, based in Boulder, Colo., have agreed to merge, the CUs announced in a joint release.
The agreement follows the mega-merger of $12-billion Digital Federal Credit Union and $17-billion First Tech FCU, announced less than two weeks ago. That deal, according to a D.C. insider, has already drawn attention from Washington.
“As member-owned financial cooperatives, both of our credit unions share the same purpose and passion for financial well-being and commitment to improving the lives of our members, our employees, and the communities we serve,” said James Nastars, president/CEO of Meritrust. “We will now be able to use our combined strength to grow and expand those commitments to make a greater impact across Kansas and Colorado. That’s exciting for us.”
Meritrust will adopt Premier Members existing Colorado state charter. The official name of the new credit union will be Meritrust Credit Union. Both credit unions will keep their existing brands, as there is no overlap in existing markets and both brands have a strong presence in their respective communities, the CUs said.
Nastars and Premier Members CEO Carlos Pacheco will lead the new credit union as co-CEOs, the organizations said.
The merger is expected to be completed in March, 2025, pending approval from NCUA and Meritrust’s membership. After completion, the combined credit union will serve over 200,000 members with 33 branch locations across communities in Kansas and Colorado, with 650 employees and nearly $4 billion in assets.
“We are not just combining assets. We are uniting for our members, for our employees and for our communities. Together, we will build a stronger, more innovative credit union that can better meet the evolving needs of our members and the communities we serve,” said Pacheco.
Meritrust made $3.4 million in net income through June of this year and $10.4 million in 2023, according to Call Report data. Net worth stands at 9.2%. Premier Members made $1.9 million through June of 2024, and $3.8 million last year, according to Call Report data. Net worth is 9.01%.