Merger Approved for Goldenwest and USU Credit Unions

OGDEN, UT: August 23, 2013 – Goldenwest Credit Union and USU Charter Credit Union announced today the merger of the two Utah-based credit unions has been officially approved. The partnership will bring about one of the strongest financial institutions in northern Utah with a combined 26 branches and close to $1 billion in assets.

“We congratulate everyone involved at both Goldenwest and USU Credit Unions for their diligence and hard work during the merger approval process,” stated Kerry H. Wahlen, Goldenwest President/CEO. “We extend a warm welcome to all USU Credit Union members and employees who are now part of the Goldenwest family.”

In July, Goldenwest and USU Credit Unions publicly announced their intent to merge and began the process to receive regulatory approval by the NCUA. The credit unions were granted the green light by the NCUA earlier this month. The final step in receiving approval for the merger came during a special meeting for USU Credit Union members held yesterday in Logan. At the meeting, USU Credit Union members expressed their approval by voting in favor of the merger.

The credit unions will officially merge by combining financial data on October 1, 2013. However, they will maintain two separate computer systems for a few months as they prepare for the eventual integration of systems. Full integration of accounts, products and services is expected to take place during the first quarter of 2014.

USU Credit Union branches will maintain their familiar brand in Cache Valley, staying true to their roots as an affiliate of Utah State University. The 56-year old credit union will operate as a division of Goldenwest Credit Union.

As both credit unions are deemed financially secure, the merger is considered strategic in nature.