CHEYENNE, Wyo.–The $573-million Warren Federal Credit Union and the $229-million Community Financial Credit Union in Broomfield, Colo., have announced a plan to merge.
The boards of both CUs have approved the plan, pending completion of due diligence, regulatory approval, and an affirmative vote by CFCU members. The merger would become effective spring 2016.
“Along with my executive team, we have been preparing for this moment for a long time,” said Stephanie Teubner, president/CEO of WFCU. “This merger is a major win for WFCU and will allow both staff and members to continue growing together.”
The credit unions said that if the merger is approved, the institutions plan to do business under a new name. Together the combined credit union will have nearly 70,000 members and 11 full-service branches.
“CFCU has provided our members a unique approach to financial services, including a loyalty program referred to as Relationship Rewards,” said CFCU CEO Greg Hill. “This merger will help ensure we can continue providing great service and value well into the future.”