WICHITA, Kan.–Members of Meritrust Credit Union have voted in favor of a merger with Colorado-based Premier Members Credit Union. The two CUs are approximately 539 miles apart.

“This significant decision marks a new chapter for both institutions, poised to enhance value to both memberships and expand their reach within their communities,” Meritrust said in a statement.

The merger is effective August 1.

The $2.14 billion Meritrust has 120,552 members and reported $890,889 in net income, with net worth of 8.43% on its most recent call report.

The $1.78-billion Premier Members CU has 78,788 members and reported $899,645 in net income and had net worth of 8.93% as of its most recent 5300.

The combined credit union will have  33 branch locations in Kansas and Colorado and approximately 650 employees.

‘Best of Both’

“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,” Meritrust CEO James Nastars said in a statement.

Added Premier Members CEO Carlos Pacheco in a statement, “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.”  
Meritrust CU will be the surviving name, but the combined institution will have a Colorado state credit union charter and  its official headquarters will be in Broomfield, Colo.

‘Concern’ Addressed

 “The change in headquarters might cause some concern for our Meritrust members who may think we are leaving Wichita,” Nastars said in a statement. “This is not true. 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,” he added.
In the interim, the credit unions said Premier Members Credit Union will operate as a division of Meritrust Credit Union.