Denali Federal Credit Union and Nuvision Credit Union sign merger partnership agreement
Combined $2.2 billion credit union to serve 160,000 members across Alaska, Arizona, California, Washington & Wyoming
ANCHORAGE, AK (March 13, 2018) — The Board of Directors of Denali Federal Credit Union (Denali) and Nuvision Credit Union (Nuvision) have signed a Merger Agreement to combine the two organizations. This proposed partnership will merge two independently successful, strong and well capitalized credit unions to create a significantly larger organization with increased operating efficiencies and an expanded market scope.
Under the Merger Agreement, Nuvision CEO Roger Ballard will become CEO of the combined $2.2 billion organization; Denali CEO Bob Teachworth will head up all Denali branch operations in the Pacific Northwest. The federally-insured credit union will retain the Nuvision charter and name; current Denali branch locations will retain the Denali name and brand, operating as a division of Nuvision. Combined, the credit union will serve 160,000 members with approximately 30 branches in Alaska, Arizona, California, Washington and Wyoming. The credit union’s Board will include volunteers from both organizations.
“We are excited about our proposed merger partnership with Denali Federal Credit Union. Each credit union is healthy and well positioned in its respective markets, with shared values and an absolute commitment to serving members. This partnership offers the opportunity to collaborate and leverage our service, support and technology infrastructures to improve our members’ experience,” said Nuvision CEO Roger Ballard. “From a long-term strategic perspective, joining forces will enable us to take another important step toward Nuvision’s vision of becoming a regional credit union, operating in multiple states across the Western United States. It also will enable us to better serve existing Nuvision members in Washington state. Beyond extending our market presence into the Pacific Northwest, the partnership will increase our asset size to bring significant economy of scale and efficiency benefits to our combined credit union. We have great respect for the Denali Board, leadership and staff, and look forward to working with them in this opportunity to better serve our collective members and communities.”
Denali CEO Bob Teachworth said, “Merger partnerships have always been an important part of Denali’s long-term strategies to support our growth and service goals. The strength, stability and success of our credit union today is the direct result of the merging of a number of credit unions over the years, partnering together to better serve our collective members. Joining forces with Nuvision enables us to expand our branch network into new western markets to diversify our economic base, provide the resources to make long-term infrastructure and technology investments, and ensure we become much more competitive for the long term. It will also enable us to continue to meet member lending needs at competitive rates while still managing within regulatory limits as well as provide our team members with more opportunities. As two growing credit unions, we are excited to see the potential synergies where we can bring the best of each organization together to better serve our collective members and communities.”
The merger is pending approval by regulators and Denali members. Assuming all approvals are received, the credit unions estimate the merger will be finalized by the end of 2018, with integration planned for 2019.
About Denali Federal Credit Union
Denali Federal Credit Union is the third largest Credit Union in Alaska, with more than 69,000 members and more than $620 million in assets. The Credit Union was formed in 1948, in Anchorage, and now serves members through 20 branches throughout Alaska and in Kent, Washington. To learn more visit denalifuc.org
About Nuvision Credit Union
Nuvision Credit Union is a full-service financial institution with 16 branches located in Los Angeles and Orange Counties, Arizona, and Wyoming, and assets of approximately $1.6 billion. Headquartered in Huntington Beach, Calif., Nuvision was founded in 1935 to serve employees of Douglas Aircraft Company. It continues to serve aerospace employees from Boeing, employees of Sempra Energy/The Gas Company, and employees of Tesoro with 90,000 members primarily in Los Angeles and Orange Counties and Wyoming. For more information, visit nuvisionfederal.com.
