Credit unions in Arizona merge. (Source: Shutterstock)
Phoenix-Ariz.-based credit unions Canyon State Credit Union and Deer Valley Credit Union said they completed their merger, creating the state's 12th largest cooperative that will manage $445 million in assets and serve nearly 38,000 members.
The official merger date of Oct. 1 came just weeks after members of Deer Valley Credit Union voted in favor of merging the two financial institutions.
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The combined organization's 10 branches will remain open and the 136 staff members will retain their positions.
"We're not in a rush to pick a new name, merge our core systems, or change much in 2019," Deer Valley CU President/CEO Robb Scott said. "What's most important right now is that we define who we are as a larger team, align our business practices, and create a strong foundation internally before we do anything that will impact our members. It's 'business as usual' for the remainder of 2019."
Chris Urness, co-chair of the newly merged credit union's board of directors, said the consolidation creates opportunities to expand the cooperative's capacity to provide the solutions members need.
"Staying relevant in today's fintech environment has to be a business priority," Urness said. "Staying relevant in technology while staying personal in service will be our goal."
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
