The Credit Union Association of Colorado, the Credit Union Association of Wyoming, and the Arizona Credit Union League have signed a letter-of-intent to merge.
Over the next few months, the three organizations will work together to develop an organizational structure, create a final business plan, and seek approval of the three states’ members.
“We believe the strength that comes from this merger will create an organization that will be a lasting benefit to our credit unions,” said Mike Williams, chairman of CUAC.
Although a timeline has not yet been developed, a membership vote is required to approve the merger. Such a vote could be scheduled for first quarter of next year.
If a merger is approved, Scott Earl, CEO of the Arizona Credit Union League, will become CEO of the new entity. Denver – which is headquarters for both Colorado’s and Wyoming’s credit union associations – has been chosen for the newly formed organization’s headquarters. Additional offices will be maintained and staffed in Phoenix and Casper, Wyo.
The Credit Union Association of Colorado is a statewide trade association, which represents 80 Colorado credit unions, and more than 1.8 million credit union members, or one in three Colorado citizens.