BOULDER, Colo. — The $720 million Elevations Credit Union has cleared a huge regulatory and field of membership hurdle in expanding into two Colorado counties.
"We're pleased that we can now offer products and services not only to growing areas in Boulder and Broomfield counties but can reach out to the underserved in those areas," explained Bill Sterner, president/CEO of Elevations and also chairman of the Colorado Credit Union Association.
The Boulder CU which converted last March from a federal to state charter to take advantage of more favorable FOM treatment in Colorado as a community charter, won approval from
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Colorado Financial Services Board for its two county expansion at a July 13 meeting.
"We know it's more expensive to operate a community charter but we think it's worth it to reach out to this membership base,"
said Sterner noting the FOM expansion bid has been on the table since 2001.
The expansion, said Sterner, does underscore "the advantages of dual chartering." Elevations was formerly known as UofCFCU before it converted.
"Let me say that we went through all the hoops but the process of getting approval for our expansion was much easier than we expected," said Sterner. As for NCUA, the agency "does remain a bit gun shy" in FOM approvals, an apparent reference to a serious of legislative barriers at the federal level.
Elevations, with six branches, does expect to add at least one new branch in the county areas "but the main thing now is that those people who thought they had to have a connection to the university can now become members," said Sterner.
In a statement, Elevations said its "expansion decisions will be based on how and where Elevations Credit Union adds new access points and on member service, access needs and market research."
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