GRAND JUNCTION, Colo.–Members have voted in favor of a merger in one state, while CUs in another plan to see member approval to also combine.
In Colorado, members of Western Rockies FCU have voted in favor of merging into Canvas Credit Union.
Western Rockies FCU has approximately $173-million in assets and 14,000 members, while Canvas CU has $3.5-billion in assets and approximately 270,000 members. As of its Sept. 30 Call Report, Western Rockies FCU reported $516,393 in net income with capital of 7.12%.
Lone Tree, Colo.-based Canvas is 258-miles east of Grand Junction, which is part of what’s known as the western slope of Colorado.
The credit unions said the integration of the two operations is expected to last through most of 2022.
In November of 2021, the CEOs of the two credit unions shared their perspective on the merger here.
The three Western Rockies FCU branches in Grand Junction, Fruita and Rifle will remain open. The 40 employees of WRFCU will join Canvas CU.
Canvas Credit Union operates 30 branches throughout the Denver metropolitan area and northern Colorado.
“The opportunity to welcome the Western Rockies Federal Credit Union members and team to our Canvas family opens the door to manifest even more positive change for people across Colorado,” said Canvas CU CEO Todd Marksberry.
Merger-Related Payments
As CUToday.info reported here, disclosure documents filed with NCUA show five WRFCU executives will receive payouts tied to the merger:
- CEO Kristi Porter, $59,980.44
- · EVP Kim Lindemann, $59,245.10
- · HR Director Gail Webb, $44,921.68
- · Director of Operations Jenny Parrott, $18,305.90
- · Director of Accounting and Finance Clarice Hawkins, $17,520.20
Merger in Iowa
In Iowa, the $932-million, Ottumwa-based Community 1st Credit Union said it is seeking to merge in the $3.06-million, Shenandoah-based HomeTown Credit Union. Community 1st CU has 60,000 members, HomeTown CU approximately 825.
Plans call for the merger to be completed on March 7.
HomeTown CU reported net income of $14,485 as of Sept. 30 with capital of 18.57%. The credit union has not yet filed a disclosure form with NCUA related to any plans for a capital distribution of bonus compensation to management as a result of the merger.
“This is an exciting opportunity to partner with HomeTown CU and its membership in Western Iowa,” Greg Hanshaw, president and CEO of Community 1st. “I firmly believe HomeTown CU and C1st are a great fit and that this will be a very rewarding partnership for all involved. Together, we will be even better.”