The $10.7 million HealthONE Federal Credit Union in Denver has merged into the $236 million Partner Colorado Credit Union in Arvada, Colo., the credit unions said.
Though HealthONE FCU posted a net worth of 10.96 at the end of last year, it also posted a net loss of $70,976 for 2012, according to NCUA financial performance reports. In 2011 and 2010, however, the credit union posted a net income of $53,369 and $31,837, respectively. In 2009, HealthONE recorded a net loss of $75,419 and a net income of $36,604 in 2008, according to NCUA financial performance reports.
While HealthONE said in a prepared statement that it managed to strong financial position over the years, the credit union lacked the ability to expand services and operations to serve the other six HealthONE hospitals in Colorado. It has offices in Rose Medical and Presbyterian St. Luke hospitals.
Kim Oliver, president/CEO of HealthONE FCU, will remain as vice president of marketing and business development for all niche markets at the 27,000-member Partner Colorado CU.
Ken Olson, board chair of HealthONE FCU, will move to the Partner Colorado board of directors along with one HealthOne FCU advisory board member.
Serving 1,761 members, HealthONE was established in 1970 to provide financial services to health care professionals and their families. Partner Colorado said all rergulatory approvals for the merger were secured.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
