GOLDEN, Colo. — Sky Federal Credit Union in Montana and Colorado-based On Tap Credit Unionplan to merge, creating an institution with approximately $671 million in assets, more than 32,000 members and eight locations across Montana and Colorado, according to a statement from On Tap.
The proposed merger requires regulatory approval and a vote by Sky members. The credit unions said no branch closures are planned, as they serve separate geographic markets with no overlapping locations, and members would continue receiving service from their local teams.
The $197-million Sky Credit Union has approximately 13,000 members. Chartered in 1935, it reported mid-year net income of $298,632, with net worth of 7.82%. The $474-million On Tap Credit Union has 19,415 members. Chartered in 1950, it posted net income of $5.35 million, with net income of 9.21%.
‘Helping Members Thrive’
“For more than 90 years, Sky Federal Credit Union has been focused on serving our communities and helping our members thrive,” Sky CU CEO Daisy Romo said in a statement. “As we looked toward Sky’s future, it was important that any partnership honor who we are, where we come from, and the relationships we have built throughout Montana.”
Romo said the partnership would preserve Sky’s community relationships while providing additional resources for future generations of members.
Expanded Investment Capacity
The combined credit union would have greater capacity to invest in digital banking, fraud prevention, cybersecurity, financial products and services, employee development and community partnerships, On Tap said. It also would continue supporting financial education, charitable giving and local initiatives in both states.
“This opportunity began with people and culture,” Tracie Wilcox, On Tap’s president and CEO, said in a statement. “What stood out most wasn’t what made our organizations different, but how much felt familiar. We share deep roots in our communities, a commitment to our members, and a belief that relationships come first.”
The credit unions bring more than 160 years of combined experience to the proposed partnership, according to the statement.
“This is about building on Sky’s legacy, not leaving it behind,” Romo added. “Our members, employees, and Montana communities are at the heart of this decision.”
Credit Union Backgrounds
Founded in 1935, Livingston, Mont.-based Sky operates six branches in Montana. Its services include financial education and personalized financial solutions, along with community partnerships and charitable giving.
On Tap, formerly Coors Credit Union, was established in 1954. It has approximately 20,000 members, serving people who live and work in Colorado’s Jefferson, Denver, Boulder and Larimer counties.
