News Release
December 8, 2005
Gateway Credit Union To Join DPS/Safeway Rocky Mountain Credit Union In Largest Credit Union Merger In Colorado History
Gateway Credit Union, one of the largest credit unions serving the Aurora community, is joining the newly merged DPS Credit Union/Safeway Rocky Mountain Credit Union (DPSCU/SRMCU), currently the third-largest credit union in Colorado. Together, the credit unions serve Denver and its southern, western and eastern suburbs.
All three credit unions are financially sound. The alliance is a strategic partnership that will provide convenience, enhanced products and services, and long-term financial stability for new and existing members of these institutions.
"An already great partnership just gets better," said Alan Peppers, President/CEO of DPSCU/SRMCU. "We welcome Gateway Credit Union to the family. Now three great institutions are joining forces to create a credit union able to offer even higher levels of service to its members, and one that is much more robust and well situated for the future."
"It was a tremendous opportunity we could not pass up," said Paul Needham, Chairman of Gateway Credit Union. "It gives us the ability to capitalize on our strengths and will allow us to provide superior benefits to our members and our employees."
Both boards of directors have approved the partnership. It must still undergo a due- diligence financial review process, then be approved by regulators and subsequently by Gateway Credit Union members who will vote on joining the DPSCU/SRMCU charter in June, 2006.
The merger of DPS Credit Union and Safeway Rocky Mountain Credit Union was approved in 2005. By joining this partnership, Gateway Credit Union gains access to more branches, capital and products. For DPSCU/SRMCU, it means additional branch locations and a more diverse membership.
Gateway Credit Union will continue to operate independently until final partnership approval. It will take approximately 12 months to fully combine operations of Gateway with DPSCU/SRMCU. A name will be chosen for the new organization and will be announced in the coming months.
Credit Union Partnership Facts:
- The new credit union will continue as a local not-for-profit, member-owned financial cooperative, run by its volunteer board of directors.
- The credit union will continue providing the same personalized care, low-cost financing, and broad array of products and services.
- The combined organization will have approximately $890 million in assets and 76,400 members.
- Funds will continue to be federally insured by the National Credit Union Administration, an agency of the federal government.
- DPSCU President Alan Peppers will lead the new organization.
- No layoffs are planned or anticipated. Employees will retain benefits.
- A combined total of 10 branch locations will serve members of the new credit union.
For more information, contact Alan Peppers, President/CEO DPS Credit Union/Safeway Rocky Mountain Credit Union, 303-321-2503; Charmayne Sobon, Interim CEO Gateway Credit Union, 303-381-7379; or Duane Bruno, Chief Administrative Officer, DPS Credit Union/Safeway Rocky Mountain Credit Union, 303-321-2638.