CHEYENNE, Wyo.–Regulatory approval has been granted for a proposed merger that involves credit unions in Wyoming and Colorado.
The $1.895-billion Blue FCU in Wyoming is seeking to merge in the $291.2-million Aventa Credit Union, which has struggled with profitability and which is located 171 miles south in Colorado Springs.
If the merger is completed, the combined CU, which will operate as Blue Federal Credit Union, will have approximately 153,000 members.
The next step in the merger process is a vote by members of Aventa CU. A special membership meeting will be held on Monday, Feb. 26, 2024, at 3:00 at Aventa’s headquarters,
‘Shared Commitment’
"Blue Federal Credit Union warmly welcomes Aventa's members and employees as we join forces,” Blue FCU President/CEO Stephanie Teubner said in a statement. “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."
Added Aventa CU President/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.”
If approved, the credit unions said plans call for the deal to be finalized in April of this year.
The Balance Sheets
As of Sept. 30, 2023, Blue FCU reported $4.6-million in net income, with net worth of 8.28%. Aventa CU posted a loss of $551,989 as of the same date, with net worth of 8.03%.
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