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The $1.8 billion Blue Federal Credit Union in Cheyenne, Wyo., and the $291 million Aventa Credit Union in Colorado Springs, Colo., said they have agreed to merge in early 2024.
If approved by Aventa members and the NCUA, the consolidation will expand Blue's market presence in Colorado with Aventa's six locations in nine southern counties. Blue's 13 branches are located throughout the Denver metro area and northern Colorado.
As of Friday morning, Aventa's documents were not posted on the NCUA's "Comments on Proposed Credit Union Mergers" page. The credit union serves more than 35,000 members and Blue serves nearly 120,000 members.
"This partnership represents a significant milestone for Aventa's members, associates and communities," Aventa President/CEO Greg Mills said in a prepared statement. "We embrace Blue's commitment to being your lifelong financial champion."
Blue President/CEO Stephanie Teubner said, "Blue Federal Credit Union warmly welcomes Aventa's members and employees as we join forces. Our shared commitment to the well-being of our members, employees and communities, combined with our expanded presence and robust financial standing, makes this union a seamless alignment for both institutions."
Based on their NCUA second quarter Call Reports, the combined credit union would manage $2.1 billion in assets and $1.7 billion in loans with 402 employees who would run 19 branches in Colorado and eight locations in Wyoming, serving nearly 155,000 members.
DepositAccounts.com ranks Blue as the largest credit union among Wyoming's 19 financial services cooperatives. If Aventa's members approve the proposed consolidation, Blue will become Colorado's sixth largest financial services cooperative among the state's 72 credit unions.
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