WICHITA, Kans.—Members of the $2.1-billion Meritrust Credit Union here have voted in favor of merging with $1.8-billion Premier Members CU, based in Broomfield, Colo., WIBW reported.
The merger between Meritrust and PMCU will be effective on Aug. 1, and the combined credit union will serve over 200,000 members with 33 branch locations across communities in Kansas and Colorado, with 650 employees, WIBW noted.
“I am grateful our members see this merger as an opportunity to bring together the best of both credit unions, which will ultimately provide greater value and opportunities for them, ensuring their financial well-being remains our top priority,” stated Meritrust CEO James Nastars.
“United, we are better equipped to serve our members’ rapidly evolving needs with greater innovation and efficiency. We remain committed to upholding the values our members appreciate and look forward to the opportunities this merger will create,” added Premier Members CEO Carlos Pacheco.
Both Meritrust and PMCU boards voted in favor of Meritrust adopting the Colorado state credit union charter, moving away from its federal charter. The charter change also means the credit union’s official headquarters will be reported as Broomfield, as headquarters designations follow the charter, WIBW said.
The boards also agreed to keep the credit union name Meritrust Credit Union.
“The change in headquarters might cause some concern for our Meritrust members who may think we are leaving Wichita. This is not true,” noted Nastars. “Our operational presence and commitment in Kansas remain unchanged. The headquarters designation would only be reflected in regulatory filings with NCUA and certain legal documents and contracts. We will continue to operate our administrative office at Meritrust Center in Wichita, along with our administrative office in Broomfield, Colorado. Our teams and departments based here will remain in place, as will I, and our commitment to serving our employees, members, and community partners in Kansas is as strong as ever.”
In the interim, Premier Members Credit Union will operate as a division of Meritrust Credit Union, WIBW added.