CASPER, Wyo. —Two credit unions in the Equality State have announced plans to merge.
The $502-million UniWyo Credit Union and the $189-million Reliant Federal Credit Union said they are considering a combination.
“Both credit unions are located in Wyoming and have a long history of supporting the communities they serve,” the credit unions said in a statement. “The merger would combine UniWyo’s 36,000 members with Reliant’s 13,500 members, and will result in an organization with combined assets of almost $700 million, making it the second largest credit union in the state of Wyoming.”
If Reliant FCU members and regulators approve the merger, the combined CU would operate under the UniWyo brand.
“Long-term growth and the ability to best serve the state of Wyoming has always been and will continue to be our goal,” said Reliant FCU CEO Steve Higginson in the statement. “This merger will benefit our membership and employees, and will allow us to continue our long history of community involvement. UniWyo and Reliant share similar beliefs when it comes to charitable donations and giving back to the communities we serve.”
Reliant has five branches located in Casper, Cody, Glenrock and Douglas. UniWyo operates three branches in Laramie and Cheyenne. According to the statement, UniWyo would seek to add more branches and expand services following the merger.
‘Already Similar’
“UniWyo and Reliant’s missions are already similar and together we will maintain the notion of bettering people’s lives and always putting people first,” said Dave Krause, CEO of UniWyo, in a statement. “We are incredibly excited to come together as one organization, to get to know all of our employees across all markets, and to reach more neighborhoods in Wyoming.”
If approved, the proposed merger is expected to be completed in early 2023.
At mid-year, UniWyo reported $2.324 million in net income, with capital of 9.96%. Reliant FCU posted net income of $284,699, with net worth of 8.69%.
Reliant FCU has not yet filed its member disclosure form with NCUA.
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