OMAHA, Neb.–The $67.5-miillion Creighton FCU and Papillion, Neb.-based, $1.27-billion Cobalt FCU said they have received regulatory approval to merge.
The credit unions said the merger coincided with the retirement of Creighton FCU President, Thomas C. Kjar, who retired July 31 after 32 years in the role.
Creighton FCU reported a loss of $102,614 through the first quarter, with net worth of 9.08%. At mid-year, Cobalt FCU reported $1.83-million in net income, with capital of 9.20%.
The newly merged organization will continue under the Cobalt Federal Credit Union brand, and will serve approximately 120,000 members with 29 branch locations.
Deeper Commitment
"In today's highly competitive and rapidly evolving financial marketplace, offering a wide range of products and services that members desire is essential,” Cobalt FCU President and CEO Robin Larsen said in a statement. “We are excited to have the opportunity to offer Creighton University, CHI, Catholic parishes, and a wide array of local businesses with cutting-edge technology, products, and services. With deep roots in the community since 1946, this collaboration allows us to further strengthen our commitment to the community by providing enhanced financial education and resources.”