PHOENIX–Two Arizona credit unions have announced plans to merge. The $193-milloin Canyon State Credit Union and the $248-million Deer Valley Credit Union said they plan to combine and now plan to put the proposal in front of their respective memberships.
“This mutually beneficial merger would combine two cooperative financial institutions that share the same focus on community-based banking and similar core values,” the credit unions said in a statement.
“Our goal is to bring both memberships increased benefits with expanded services, products and locations,” said Deer Valley Credit Union CEO Robb Scott. “We’ll also be able to offer more opportunities for our employees and continue to provide exceptional member service that members rely on from people they know and trust.”
Scott added that no employees would be laid off as a result of the merger and all branch locations from both credit unions would remain open. The merger would bring the total number of branches to 10.
In a statement to CUToday.info, the credit unions said the name of the surviving institution will be selected pending the outcome of the merger vote.
‘Constant State of Flux’
“Our industry is in a constant state of flux and with an increase in fintech competition. We recognize we’re better positioned to serve our members by combining resources,” said Canyon State CEO Jane Dobbs. “This strategic partnership aligns our organizations for continued success and greater, more meaningful impact in the communities we serve.”
Canyon State CU was formed in 1951 and has 18,200 members and 61 employees with four full-service branch locations and two satellite locations. The credit union is chartered to serve 108 zip codes in the Phoenix, Tucson, and Payson markets.
Deer Valley CU was formed in 1971 and Has 18,500 members and 77 employees with four branch locations. It is chartered to serve 107 zip codes in the Phoenix and Prescott areas.