CHEYENNE, Wyo.–Two credit unions are seeking to merge across state lines and form a multi-billion-dollar institution.
The $1.89-billion Blue Federal Credit Union in Wyoming and the $291.2-million Aventa Credit Union in Colorado Springs said they are seeking to combine, with Blue FCU to be the surviving CU and brand.
Blue Federal reported $2.81 million in net income at mid-year, with a net worth ratio of 8.34%. It has 119,000 members. As of Sept. 30, Aventa CU posted a loss of $551,989, with capital at 8.02%. It has 35,353 members, NCUA data show.
“This partnership, rooted in shared values and a commitment to member service, is set to be finalized in early 2024, pending approval from the National Credit Union Administration and Aventa’s membership,” the credit unions said in a statement.
The credit unions said the merger will offer members “expanded products and services,” the latest in technology, 27 branch locations and a nationwide ATM/VTM network.
A ‘Warm Welcome’
"Blue Federal Credit Union warmly welcomes Aventa's members and employees as we join forces,” said President/CEO Stephanie Teubner. “Our shared commitment to the well-being of our members, employees, and communities, combined with our expanded presence and robust financial standing, makes this union a seamless alignment for both institutions".
‘Significant Milestone’
Added Aventa CU Presiident/CEO Greg Mills, “This partnership represents a significant milestone for Aventa's members, associates, and communities. We embrace Blue's commitment to being your lifelong financial champion”.
Blue, originally chartered in 1951 and Aventa, chartered in 1957, said they are coming together to form the largest merger in Wyoming or Colorado in the last five years.
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