Dugway Federal Credit Union, a $2.9 million-asset institution based in Dugway, Utah, has merged with West Jordan, Utah-based Mountain America FCU, with all accounts transferred to MACU on April 1.
Dugway FCU served 637 members, primarily military and civilian employees.
Sterling Nielsen, CEO for MACU, stated that this merger will give the former Dugway FCU members access to “a vast branch network and a multitude of additional products and services.”
Such services include rewards checking, mobile banking, bill pay, business services, real estate and business lending, and a full range of mortgage loans, MACU noted.
Dugway FCU posted a net loss of about $8,600 in 2017, after recording a net income of about $4,300 in the prior year. Dugway FCU’s total loans and leases dropped from $2.2 million in 2016 to $1.9 million the following year.
Meanwhile, MACU generated net income of $94 million last year, up from about $78 million in 2016. MACU’s total loans and leases amounted to about $5.1 billion in 2016, then moved up to $6.1 billion last year.