News Release
June 2, 2005
Landslide Vote Pairs Safeway Rocky Mountain Federal Credit Union With DPS Credit Union
An overwhelming 88 percent of Safeway Rocky Mountain Federal Credit Union voting members said an enthusiastic "YES" to a proposed merger with DPS Credit Union -which will now form the state's third-largest credit union.
The votes were cast in a mail-back special election among SRMFCU members (DPSCU members were not required to vote).
The vote follows initial regulatory approval of the merger, which came in April 2005. The merger is a rare pairing of two large credit unions and will create the third-largest credit union in the Denver metro region with nearly 56,000 members.
"We knew it was the smart thing to merge these two organizations," said SRMFCU CEO Darrick Weeks, whose organization primarily serves Safeway employees and families. "The vote confirms that members agree. We are thrilled with the overwhelming vote."
"This is a tremendous opportunity and will greatly benefit the members and employees of both organizations," said DPSCU CEO Alan Peppers, whose organization primarily serves Denver Public Schools employees and families.
The next step in the merger process is a naming and branding project, which will be headed up by Denver-based advertising agency Amelie Company. Final regulatory approval is expected in July.
The merged credit union will retain its local member-owned, nonprofit status, and will continue to focus on community-based service to members. The new credit union will mean more convenient locations and ATMs, expanded product offerings, competitive pricing and rates, and technology enhancements.
The credit union merger grew out of strategic planning sessions and talks among the all-volunteer, unpaid boards of directors and management teams of both organizations.
The credit unions will continue to operate independently with no significant changes in member services until winter 2005-2006. It will take about one year to fully combine the operations, which will continue to be headquartered in Denver.
Contact Duane R. Bruno, Chief Corporate Officer, DPS Credit Union, 303-321-2638, for further information or visit www.dpscu.com or www.srmfcu.org for a downloadable brochure and Q & A.