Small education credit union will merge into Westerra CU
Mapleton Public Schools Federal Credit Union plans to merge into Westerra Credit Union.
The two CUs released a statement on Friday noting both boards unanimously approved the proposed merger. The anticipated closing date is Oct. 1, with integration of the $2.5 million-asset Mapleton Public Schools Federal Credit Union’s operations into Westerra’s systems taking place during the fourth quarter. Both credit unions are headquartered in Denver.
The $1.5 billion-asset Westerra and MPSFCU said they anticipate receiving regulatory pre-approval within weeks. After regulators sign off, members of Mapleton Public Schools FCU will need to approve joining Westerra’s state charter.
Westerra CU has more than 120,000 members and currently is open to anyone who lives or works in the seven-county Denver metro area. After the merger, membership will include employees, retirees, students, graduates and families of Mapleton Public Schools. Mapleton Public Schools FCU has more than 400 members.
This is not the first merger for Westerra. According to its website, when it still was known as DPS Credit Union, it merged with Safeway Rocky Mountain Credit Union in 2005. It changed its name to Westerra Credit Union in 2006, when it merged with Gateway Credit Union. It merged with Jeffco Credit Union in 2009 and Sheet Metal Workers #9 Credit Union in 2013.
“Our credit unions share a commitment to financial education,” Jay Champion, president and CEO of Westerra, said in a press release. “Members and nonmembers are invited to attend free financial seminars, use our online financial literacy tools, and have conversations with credit union staff to find answers to their questions. Westerra also provides grants to schools and makes presentations in classrooms to help our educational community with their important mission. We look forward to sharing these resources throughout the entire Mapleton community.”
In its most recent call report, Westerra earned $1.4 million during the first quarter, down 42% from a year earlier. As of March 31, it was considered well capitalized with a net worth ratio of 11.79%.
In its most recent call report, Mapleton Public Schools Federal Credit Union had a loss of $903 during the first quarter. That compares to $1,760 in net income for the same period a year earlier. As of March 31, it was considered well capitalized with a net worth ratio of 14.09%.