SOUTH BURLINGTON, Vt.—The $102-million Green Mountain Credit Union here and $64-million Opportunities Credit Union, headquartered in Winooski, Vt., have agreed to merge, the organizations announced in a joint release.
The combined organization would maintain branches in Burlington, South Burlington, Winooski, Berlin and Rutland, and would serve more than 10,000 members, the CUs stated. They did not disclose which organization would be the continuing credit union.
"This anticipated merger represents an exciting step forward for both organizations. By joining forces, we would enhance our ability to provide comprehensive financial services to our members while maintaining the strong community focus that defines both credit unions," Bob Lake, CEO of Green Mountain Credit Union, and Glenn Von Bernewitz, chair of the Opportunities Credit Union board of directors, said in a joint statement.
The merger remains subject to approval by both state and federal regulators, as well as by the memberships of both credit unions, and is expected to close in the second quarter of 2025. Lake emphasized that no immediate job losses are anticipated.
Green Mountain made $1.7 million in net income 2023 and $957,683 through September of this year, according to Call Report data. Net worth is 13.47%. Opportunities Credit Union made $88,900 net income in 2023 and $12,714 through September. Net worth stands at 11.38%.