Denver-area credit unions plan to merge

Maybe being ranked the best credit union to work for in the U.S. attracts not only new talent but other companies as well. 

The $310 million-asset Colorado Credit Union in Littleton, Colorado, which recently came in at No. 1 on this year's American Banker Best Credit Unions to Work For list, plans to merge with $68.5 million-asset White Crown Federal Credit Union in Denver. 

It was the second straight year that Colorado Credit Union was atop the list.

In a notice on its website, White Crown FCU said Colorado Credit Union was chosen as its merger partner because of its "high commitment to member service and its strong financial position."

Colorado CU earned $1.2 million in the first six months of 2022, a 94% increase compared to a year earlier, according to call report data from the National Credit Union Administration.

White Crown's board has unanimously approved the merger, and a special meeting of its members is scheduled for September 30.

White Crown said smaller institutions such as itself do not have the ability to compete with the larger institutions and big banks. "Although White Crown is financially healthy and stable, [we] recognized the need to provide you with an expanded selection of products and services that are not cost-effective for a smaller institution," White Crown said on its website.

White Crown FCU lost $132,000 in the first six months of 2022, after losing $37,000 for the same period a year earlier, according to call report data.

All of White Crown's staff have been offered and accepted jobs with Colorado Credit Union, and White Crown's lone branch will remain open and will operate as Colorado Credit Union. A second branch closed in 2021.

No timeframe for the merger closing was given.