OGDEN, Utah–Two more Utah credit unions have announced they are seeking to merge.
The $169.8-million Ascent FCU, which was founded in 1957 as Weber College Employees FCU, said it is seeking to merge into the $3.86-billion Goldenwest Credit Union in Washington Terrace, Utah. Ascent continues to serve what is now Weber State University, as well as the broader community.
When combined, the two CUs are headquartered only about seven miles apart, would have 55 branches and more than 214000 members.
Ascent Federal had $172,090 in net income and net worth of 9.21% as of the same date. Goldenwest CU reported $46.5 million in net income and had net worth of 13.03% as of the same date.
‘Solid Financial Foundation’
“We share a solid financial foundation and a deep commitment to serving our members, employees, and the Weber State University community,” Ascent CU President and CEO Brock Mortensen said in a statement on the credit union’s website. “To honor our heritage, our name will become Weber State Credit Union, a division of Goldenwest.”
Mortensen benefits of the merger will include expanded branch access, more products and services and “greater support for our WSU heritage.”
“This is a strategic step to ensure long-term value and added convenience for you and your family, Mortensen added.
As the CU Daily reports separately, also in Utah, Springville-based Nebo Credit Union is seeking to merge into West Jordan-based Cyprus FCU.
Massachusetts Merger Proposed; Deal Includes Payout for Management
Separately, Springfield, Mass.-based Arrha Credit Union is reporting its members have voted in favor of merging into BrightBridge Credit Union in Lawrence, Mass. The merger includes a payout of more than $1.5-million to senior management.
The $163.1-million, 9,851-member Arrha CU said it will operate as Arrha Credit Union, a Division of BrightBridge Credit Union. The newly merged credit union will have 23 branches, combined assets of nearly $2.4 billion and approximately 125,000 members.
As the CU Daily reported here earlier, through Sept. 30 Arrha CU had posted losses for 11 consecutive quarters is seeking to merge. While there is a payout to senior execs, Arrha said there would be no capital distribution to members, as it’s “unnecessary because Arrha would not be able to obtain sufficient growth on a standalone basis to project a valuation that warrants any adjustment in shares.”
Merger-Related Compensation
According to a disclosure form filed with NCUA, those receiving payouts include:
- CEO Michael S. Ostrowski, who is to receive severance pay equal to two years’ salary if he resigns his employment with BrightBridge on Dec. 31, 2026. No severance will be paid if he is terminated for cause. The total payout is to be $488,000.24.
- CFO Harry C. Moore, who has similar terms, and is to be paid a total of $400,000.12 via weekly payments over a 24-month period.
- EVP and Chief Lending Officer Robert S. Ciraco, who has similar terms, and is to be paid a total of $294,902.40 via weekly payments over a 24-month period.
- Senior Commercial Loan Officer and VP-Commercial Lending Anthony Franco, who has similar terms, and is to be paid a total of $258,003.20 via weekly payments over a 24-month period.
- VP-Operations Allison Harland, who has similar terms, and is to be paid a total of $248,102.40 via weekly payments over a 24-month period.
Financial Statements
Arrha posted a $308,464 loss through Sept. 30, with net worth of 7.79%. It lost $184,652 at year-end 2024. Total cumulative net income over the past 11 quarters is -$45,000. BrightBridge CU reported $6 million in net income and had net worth of 10.42% as of the same date.
‘Exciting New Chapter’
“Our member vote marks an exciting new chapter for both BrightBridge and Arrha members,” BrightBridge President & CEO John J. Howard said in a statement. “By combining our strengths, we are building a stronger credit union that remains deeply committed to delivering exceptional service, expanding access to competitive financial products and investing in the communities we proudly serve. We are thrilled to bring our two credit unions together and create one big family.”
Added Arrha President & CEO Mike Ostrowski in a statement, “This partnership will create more value and opportunity for both our staff and members, and for that we are so grateful to have cleared this hurdle. Arrha and BrightBridge share a long history of putting people first, and this next step will allow us to offer even greater convenience, resources and financial strength to our communities. I’m proud of what Arrha has built, and I’m equally proud to see that legacy continue as part of a unified BrightBridge Credit Union.”
The credit unions said the merger is expected to be finalized on Jan. 1, 2026, pending regulatory approval. BrightBridge said the merger will expand its field of membership in Massachusetts’ Hampden, Hampshire and Franklin counties, as well as Hartford and Tolland counties in Connecticut.
Additional Mergers
In 2019, 2020 and 2023 and 2025, BrightBridge noted it completed successful mergers with Bridgewater Credit Union, Ocean Spray Employees Federal Credit Union, RTN Federal Credit Union and Cabot FCU.
