Southwest Colorado Federal Credit Union and Credit Union of Colorado Announce Merger
December 17, 2019 Southwest Colorado FCU will become part of Credit Union of Colorado, enhancing the value of credit union benefits for both groups.
The members of Southwest Colorado Federal Credit Union overwhelming voted in favor of a merger with Credit Union of Colorado (CU of CO) at a special member meeting on December 16 in Durango. The merger will help ensure long-term financial stability, improve member services including digital online and mobile banking, and provide access to over 62,000 surcharge-free ATMs. Most importantly, the Durango branch will remain in place with current staff.
Once the merger is complete, Southwest Colorado Federal Credit Union will become part of Credit Union of Colorado, which is based in Denver and has 16 branches throughout the state. Credit Union of Colorado is the state’s fifth largest credit union with more than 134,000 members and over $1.5 billion in assets.
“This merger is great news for our members,” said Emily Ter Maat, CEO, of Southwest Colorado FCU. “By joining with a larger, more diversified credit union, we’ll be able to offer our members a sound and secure future without sacrificing the personalized service and dedication to our community that they trust us to deliver. We would not have taken this step if we had not found a partner whose culture was consistent with ours.”
“We could not be more pleased to welcome Southwest Colorado Federal Credit Union members to our Credit Union of Colorado family,” said Terry Leis, CEO of Credit Union of Colorado. “We are looking forward to honoring the Southwest Colorado Federal tradition of serving members and the community.”
Southwest Colorado Federal Credit Union began serving members in 1958, and currently serves members in Archuleta, Dolores, La Plata, Montezuma and San Juan Counties. Credit Union of Colorado has been serving Colorado communities for over 80 years and is deeply connected to the communities where its members live and work. The Credit Union of Colorado Foundation supports education and emergency human services programs through college scholarships and grants to nonprofit organizations that totaled over $200,000 in 2018.