Two Colorado credit unions, the $130 million Aventa Credit Union of Colorado Springs and the $15 million Pueblo City Employees FCU, said last week they are merging effective next March.
In a statement, PCE members voted Oct. 23 in favor of the merger under which PCE will retain its identity under a consolidation seen as furthering "financial stability, products and services" to a membership of 18,000 made up primarily of municipal workers in the two cities.
Pueblo City reported a net profit of $25,000 for the first three quarters of 2009 but suffered a 61% drop in net income last year to $21,000.
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Formed in 1957, Aventa, formerly known as Colorado Springs Employees Credit Union, said it has maintained "a focus on the needs of municipal workers while seeing significant growth outside the city." That growth, said Aventa on its Web site prompted the name change.
Separately, Aventa said that effective Oct. 1, it has stopped issuing money orders. "We will be assisting those who have used them to convert to cashier's checks." Aventa added, "electronic bill paying, gift and travel cards are excellent alternatives to money orders."
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