DENVER/SEATAC, Wash.–The Mountain West Credit Union Association—which represents credit unions in Arizona, Colorado and Wyoming—and the Northwest Credit Union Association—which represents credit unions in Oregon, Washington and Idaho—have signed a letter of intent with plans to merge.
If member credit unions vote in favor, plans call for the merger to be complete by June 30.
The organizations said that with the retirement of MWCUA CEO Scott Earl, the association’s chairman, Todd Marksberry, who is president/CEO of Canvas Credit Union in Colorado, convened a succession committee.
“This diverse and tenured group of credit union leaders explored all options while focusing on the MWCUA board’s desire to amplify advocacy, education, and community impact on behalf of Arizona, Colorado, and Wyoming credit unions,” the organizations said in a joint statement.
‘Many Choices Were Possible’
“As a committee, while many choices were possible, we aligned quickly around a choice that would answer the question of accelerating the pace of change,” said Mike Williams, Succession Committee chair and president & CEO of Colorado Credit Union said. “Credit unions need advocacy today and we believe that the exploration of a merger with NWCUA gives us a path to swift and exponential impact. People need credit unions, and we must position ourselves to serve even more people through powerful advocacy.”
The two regional association said in their statement that the discussions identified the strengths of both and the “strong possibilities of leveraging the influence of the combined credit unions’ voice by maintaining laser-sharp focus on local advocacy.”
The discussions are now in the due-diligence stage, the two groups said.
“Exploring an opportunity to combine these two great organizations is a terrific next step that could enable credit unions to advance the Credit Union Movement in new and exciting ways,” said Earl, who was president of the Utah league prior to joining the Mountain West CU Association.
NWCUA’s Stang Would Lead Merged Group
If the merger commences, NWCUA President and CEO Troy Stang would serve as the president and CEO of the newly established association.
“Credit unions in the Northwest and Mountain West regions are committed to proactive advocacy, education and community impact in an ever-evolving, complex financial services marketplace,” Stang said. “When credit unions unite their voices, they can better ensure relevant services and continued value are available to all consumers. By leveraging the strengths of both associations, member credit unions can expect a more influential voice in federal advocacy, and impactful results in hyper-local state legislative advocacy.”
Service Corps, Foundations Could Combine
The associations said current discussions include exploring the combination of legacy service corporations, their respective foundations and more.
“With a focus on bringing the best possible operating environment through advocacy, community impact, strategic business partnerships, education and training, and public awareness, the credit unions in these six states would realize the maximum influence of their collective voice,” stated Jeff Adams, NWCUA board chair and president and CEO of Spokane Valley, Wash.-based Horizon Credit Union.
Added Marksberry, “This powerful collaboration would create a robust environment of strategic thinking and bright minds, and ultimately would empower this community of credit unions to enhance value and impact for their 12.3 million consumer members across the region. Given the synergies we already have seen, the boards are encouraged to enter the due diligence process. If comprehensive due diligence reveals a merger will be beneficial to all member credit unions, the boards of both associations will encourage a positive vote from membership in the spring and the merger would become official on or before June 30, 2022.”
About the Associations
The MWCUA represents 133 credit unions, 4.2 million credit union members and $67 billion in assets throughout Arizona, Colorado and Wyoming. The organization was created in 2011.
The Northwest Credit Union Association represents 175 credit unions in Idaho, Oregon, and Washington, and their 8.1 million consumer members.
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