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Boulder Municipal Employees Federal Credit Union member’s vote to proceed with Community Financial Credit Union merger
(August 28, 2014) — At a special meeting of the membership held on August 6, 2014, members of the Boulder Municipal Employees Federal Credit Union (BMEFCU) voted by a majority to move forward on a proposed merger with Community Financial Credit Union (CFCU). The member vote followed regulatory approval by the State of Colorado Division of Financial Services and the National Credit Union Administration (NCUA). The merger is expected to become effective later this fall.
“The merger between Boulder Municipal Employees FCU and CFCU is a unique partnership. We are both viable, well-capitalized credit unions coming together to create economies of scale, long-term sustainability, and to offer additional locations to help meet the financial needs of our members,” said, Ann Babiak, President and CEO, Boulder Municipal Employees Federal Credit Union. “At the end of the day, our members spoke loud and clear about their desire to see the merger happen. We are excited about the future of Community Financial Credit Union and the opportunity to serve the financial needs of our membership.”
When finalized, the combined credit union will do business as Community Financial Credit Union. The Credit Union will exceed $200 million in total assets and serve a membership of over 18,000 members at two full service branch locations in Broomfield and Boulder. In addition, a third full-service branch in Broomfield, located at 136th Avenue and Huron Street is expected to open in early 2015.
Community Financial Credit Union offers 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.
“We see this as an opportunity to combine resources with a credit union with similar values and vision; the result will be a partnership that delivers more value to all its members and we are truly excited about the future.” said, Greg Hill, President and CEO of CFCU.
The combined credit union will operate under a community-charter serving Broomfield and Boulder Counties in addition to municipal employees, volunteers and members of more than 60 select employee groups.