BROOMFIELD, CO (June 3, 2014) -- Community Financial Credit Union (CFCU) and Boulder Municipal Employees Federal Credit Union (BME FCU) have announced a plan to merge. The Boards of Directors from both institutions approved the plan following the completion of preliminary due diligence. The merger is expected to become effective in the fall pending regulatory approval and a vote by BME FCU members.
“We believe that this is the right decision, at the right time, and for the right reasons,” said Ann Babiak, president and CEO of BME FCU “There is tremendous competition in our industry and this move will allow us to grow and ensure long-term value for our members.”
When finalized, the merged credit union will continue doing business as Community Financial Credit Union. The Credit Union will exceed $200 million in total assets and serve its 18,000-plus members at two full service branch locations in Broomfield and Boulder. A third full-service branch in Broomfield, located at 136th Avenue and Huron Street, is expected to open in late 2014.
Community Financial Credit Union has offered its members a unique approach to financial services including a loyalty program referred to as Relationship Rewards, and an annual Member Bonus dividend which has returned more than $1.8 million in earnings to members in the last six years.
Greg Hill, president and CEO of CFCU, is excited about bringing these benefits to BME FCU members. “BME FCU has a loyal membership base and will be a great partner,” he said. “We look forward to providing our collective membership groups great service and value.”
BME FCU serves employees, volunteers and members of more than 60 employee groups and municipalities in Boulder County. CFCU is a community-chartered Credit Union serving Broomfield and areas of Westminster, Superior, Lafayette and Louisville.