CASPER, Wyo. —Two Wyoming credit unions are seeking to combine.
The $29.4-million WyoCentral Federal Credit Union said it is seeking to merge with the $78.4-million, Laramie-based StagePoint FCU.
WyoCentral CEO Annie Sorensen told Oil City News that the move comes as local credit unions face mounting market and economic pressures.
“It’s really a matter of positioning ourselves for the future and the long term, and making sure that we’re here in the future to service the members that have been with us for so long,” she said.
WyoCentral reported a loss of $73,171 at mid-year, with capital of 6.26%.
Tech Costs an Issue
Sorensen further told Oil City News technology fees are among the most pressing issues for smaller institutions. “(Our) core processing fee is a very large monthly fee, and you want to make sure that it’s going to the best place possible and not being wasted,” she said. “When you get a new ATM, that can be [up to] $40,000, and in the small credit union world, that’s big bite. So when you join forces, you’re paying one fee to service two memberships, and as a small credit union it just makes sense to have allies and partners.”
WyoCentral has approximately 3,200 members.
Stagepoint FCU posted $49,694 in net income and capital of 9.20% as of June 30.
Both CUs operate one branch each.
The Management Team
StagePoint CEO Tyler Valentine, who previously served as VP with WyoCentral, will serve as CEO of the merged credit unions, while Sorensen will serve as VP of the Casper operation.
If approved by members, the merger is expected to be completed by October.