BOULDER, Col. — The "merger of equals" here between Premier Members FCU and Boulder Valley CU has crossed the final item off its "to do" list.
PMFCU members voted this week to approve the merger with Boulder Valley, and the merger will go into effect on May 1, with both credit unions combining their systems gradually over the next 12-18 months, according to a statement released by both institutions.
"We're very excited to receive this final approval from our members," said PMFCU's Carlos Pacheco who will serve as CEO alongside Boulder Valley CEO Rick Allen. "We look forward to the opportunity to serve this combined membership, and make good on our promise to be better together."
The combined institution will operate as Premier Members CU, but both CUs will continue to operate under their current names until account, service and systems integrations are completed.
The merged CU will have more than 65,000 members with more than $820 million in assets. The new board will consist of 16 members from PMFCU and Boulder Valley's existing boards of directors.
