The boards of directors of Prospera Credit Union and Westminster Savings Credit Union recently initiated merger discussions.
“Both credit unions were founded with the express purpose of helping members achieve their financial goals and both have established deep roots in the communities they serve over the past seven decades,” said Prospera chairperson Angela Kaiser.
“Member and community focus is the cornerstone of both credit unions’ success. We believe joining forces will build on our strengths and long-standing success to create an even stronger and better credit union equipped with the resources to innovate and invest in expanding our products, services and technology solutions.”
Added Westminster Savings chairperson Bill Brown: “We are very excited about the potential of this partnership as we share similar beliefs, cultures, values and a strong commitment to putting the needs of our members first.”
Brown said the two firms are in the early stages of exploring a merger and beginning the necessary due diligence in accordance with the Credit Union Incorporation Act and regulatory guidelines. The process will culminate in the analysis of a business case to ensure that a merger would be beneficial to members, employees and local communities.
If both credit unions agree to pursue a merger, the next step would involve seeking consent from the Financial Institutions Commission of the proposed amalgamation agreement as per the Credit Union Incorporation Act as well as approval from their memberships early in the spring of 2015.
The institutions jointly represent more than 118,000 members, 800 employees and assets under administration exceeding $6.3 billion.