ARVADA, Colo.–The $328-million Sooper Credit Union and the $296-million Denver Community CU have announced plans to merge. Plans include coming up with a new name for the combined organization.
Upon completion of the merger, expected by the third quarter of 2017, the CU will begin operating with nine branches across its market area.
"We see a lot of synergies for our members and employees in this partnership," said Dan Kester, president and CEO of Sooper, in a statement. "Convenience will be enhanced with the addition of branches. This partnership is the next step – a foundational step – toward our larger goal of providing our members with a broader platform of products and services.”
“Both credit unions are very strong financially. It is a merger of opportunity focused on providing value to our members,” said Carla Hedrick, president and CEO of Denver Community CU, in a statement. “We are both state-chartered, with similar cultures and philosophies, and we have worked very collaboratively for many years.”
Donna Ogorek, Sooper VP of marketing and business development, said the combination is merger is a merger of equals.
“DCCU will have the surviving charter since their charter has been in place since 1934 and Sooper CU’s charter is from 1951,” said Ogorek. “After a transition period, Dan Kester will remain as the CEO.”