By Todd Marksberry and Kristi Porter
We wanted to write in response to your Nov. 16 article, providing an analysis of the latest credit union merger activity. We appreciate your outlet’s commitment to covering the topics at the heart of today’s credit union landscape. We know the industry has been closely watching the trend of mergers such as these and voicing concerns over consolidation.
However, we have a very different perspective. As covered in your article, our organizations – Canvas Credit Union and Western Rockies Federal Credit Union ––are currently celebrating the dawning of our partnership. As two long-standing Colorado credit unions, we look forward to bringing together the best of Colorado’s Front Range and Western Slope.
We’re hoping to address these concerns by sharing our experiences through this process and the lessons we’ve learned along the way, as we now advance to the member vote and final approval stages. We are motivated by the opportunity to heighten our organizations’ collective impact. We firmly believe that the right partnerships, when done with intention and care, can build stronger momentum behind the credit union movement and help the industry to flourish. Most importantly, these collaborations can be done with a transformational people-first approach.
We’re committed to all Coloradans and have been dreaming about how we can expand our impact well beyond Canvas’ leadership in the Front Range and Western Rockies FCU’s legacy in the Western Slope. Our credit unions are long-time friends and collaborators. Nearly 18 months ago we began to really explore our shared ability to create more value for our members, teams and communities.
The Commitment
With this proposed partnership, we are committed to:
- Expanding access to leading financial services across the Western Slope. High overhead expenses – from technology, compliance needs and innovation efforts in order to meet consumer expectations – are a costly reality of today’s credit union landscape. By uniting Western Rockies FCU with Canvas’ model and resources, the Western Slope community gains access to the latest financial products and services.
- Amplifying and advancing our credit union families. Western Rockies FCU’s three branches in the Western Slope will remain open to serve members, and we plan to explore opportunities to open more branches along the Western Slope. Western Rockies FCU’s more than 40 team members are welcomed as part of the Canvas family, with enhanced opportunity to grow in their careers. Canvas, certified as a Great Place to Work, prioritizes and invests in its family members, with an entire training and development arm focused on helping family members achieve their personal and professional goals.
- Bringing more support, value and community investment to the Western Slope. Since the Great Recession, Western Rockies FCU has not had the opportunity to invest in its communities as deeply as it would like. Canvas’ four pillars of community giving – schools, families, veterans, first responders – will be launched directly within the Western Slope to support the region’s greatest needs.
A Key Factor
Underlying all the thought, research and planning we’ve put into this partnership, we believe there is one key factor that will ultimately determine our success: Listening. Our strategies all begin with listening. As we prepare to launch into this new chapter, our immediate plans include gathering input from Western Slope community members about what they seek from their financial services and community leaders. We’ll take this input and integrate it into Canvas’ industry-leading model, ultimately delivering an enhanced and tailored experience to best fit the community’s needs.
We are eager to work in collaboration and continue growing the 85-year legacy that Western Rockies FCU has built. Western Rockies FCU’s leadership will play a crucial role to integrating our partnership into the fabric of the Western Slope community.
With our members, credit union family and communities at the center of this strategic relationship, we know we can provide more value where it matters most. For this very reason, both boards are in unanimous support of the partnership. We’re looking forward to the feedback from Western Rockies FCU’s member vote at the end of the year – we’re optimistic members will be in favor and excited about the benefits of the relationship. We’re eager to help elevate the financial situation of all Coloradans. We appreciate the opportunity to voice our perspective.
The best is yet to come.
Todd Marksberry, CEO & president, Canvas Credit Union
Kristi Porter, CEO and president, Western Rockies Federal Credit Union