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Early Payday ProgramReceive your paycheck before your payday! Start by opening a checking account! BRIGHTON — Colorado Credit Union, whose three branches include an office in Brighton, will absorb Denver-based White Crown Federal Credit Union if members approve the merger of the two member-owned nonprofits in late September, Denver-based White Crown said today. The merger was unanimously approved by White Crown’s board of directors, and its members will vote Sept. 30 on whether to ratify it. The net worth of a merging credit union at the time of a merger transfers to the credit union that absorbs it. “We’re very strongly capitalized, but COVID hit us hard especially because we didn’t have a drive-up,” said a White Crown official who asked not to be named. “This economy and increasing regulations from the federal government have been hard.” In a letter to its members, White Crown said, “Consolidation in the financial services industry is happening at an accelerated pace. This means that the smaller institutions like White Crown do not have the ability to compete with the larger institutions and big banks. Although White Crown is financially healthy and stable, White Crown’s board of directors recognized the need to provide you with an expanded selection of products and services that are not cost-effective for a smaller institution, and so they looked at several potential merger partners. The board unanimously agreed that merging with Colorado Credit Union would best serve members moving forward.” The National Credit Union Association, which insures deposits much as the Federal Deposit Insurance Corp. does for banks, has recorded more than 40 mergers in the past year. The largest recent such merger in Colorado was announced last fall, when Lone Tree-based Canvas Credit Union absorbed Western Rockies Federal Credit Union in Grand Junction. As of June, Colorado Credit Union had total assets of more than $310 million compared with White Crown’s $68 million. CCU reported net income of $1,231,107, compared with a net loss of $84,540 for White Crown. If the merger is approved, White Crown will be rebranded as Colorado Credit Union in January. Colorado Credit Union traces its roots to 1973, when 35 Johns Manville employees started a credit union as a member-owned financial cooperative. Johns Manville Credit Union grew rapidly, expanding its membership in 1998 to include other employee groups and local communities and rebranding as Colorado Credit Union in 2005. Four years later, CCU acquired an office at 2380 Bridge St. in Brighton after absorbing Brighton Federal Credit Union. Englewood Municipal Employees Federal Credit Union was merged into CCU a few years later, and today CCU serves more than 20,000 members. White Crown was founded in 1951 by eight employees of the Rocky Mountain division of Standard Oil to serve that oil company’s employees and families. In 2005, it absorbed Denver Media Credit Union, which served the staffs of radio and television stations and newspapers throughout the state and since then has come to serve many smaller companies that couldn’t otherwise offer credit-union services to their employees. Both credit unions have offices in downtown Denver, and CCU also has one in the Ken Caryl area of Littleton. This article was first published by BizWest, an independent news organization, and is published under a license agreement. © 2022 BizWest Media LLC. Dallas HeltzellJoin the ConversationWe invite you to use our commenting platform to engage in insightful conversations about issues in our community. We reserve the right at all times to remove any information or materials that are unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane, indecent or otherwise objectionable to us, and to disclose any information necessary to satisfy the law, regulation, or government request. We might permanently block any user who abuses these conditions.  Sign up for email newsletters Sign UpFollow Us
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