Two Colorado credit unions announce plans to merge

Canvas Credit Union in Lone Tree, Colorado, and Western Rockies Federal Credit Union in Grand Junction, Colorado, have announced plans to combine.

Under terms of the deal, the three branches of the $173 million-asset Western Rockies would be rebranded as branches of the $3.5 billion-asset Canvas. Canvas said that deal would provide Western Rockies members with a broader range of financial services options.

“The opportunity to welcome the Western Rockies Federal Credit Union members and team to our Canvas family opens the door to manifest even more positive change for people across Colorado,” Todd Marksberry, president and CEO of Canvas, said in a news release Monday.

Canvas was previously known as Public Service Credit Union and between 2005 and 2009 it merged with five other credit unions. It changed its name to Canvas in 2018.

Its merger with Western Rockies has been approved by state and federal regulators, as well as the boards of both credit unions. Members of Western Rockies are expected to vote on the agreement before the end of the year.

“Today marks a huge milestone for Western Rockies FCU ... this means so much to me because I know with Canvas we can provide even more value to our team, our members and our entire community,” Kristi Porter, president and CEO of Western Rockies, said in Monday’s news release.