Merger Approved for Goldenwest and Healthcare Credit Unions

OGDEN, UT: December 21, 2016 – The merger of Goldenwest and Healthcare Credit Unions was approved yesterday during a special meeting for Healthcare Credit Union members held in the Doty Education Center located at the Intermountain Medical Center in Murray, Utah. The meeting presentations included an introduction by Healthcare Credit Union Board Vice-Chair Dan Stober, details of the proposed merger by Healthcare Credit Union President/CEO Scot Baumgartner, and a Question-And-Answer session conducted by Baumgartner and Goldenwest President/CEO Kerry Wahlen. Goldenwest Chairman of the Board, Bill Hart, was also in attendance at the meeting to extend his support for the merger.

During the meeting, Baumgartner presented a brief history of the Credit Union which was originally founded in 1950 as the Latter Day Saints Hospital Employees Credit Union. In 1977, the name changed to Healthcare Credit Union after Intermountain Healthcare acquired LDS Hospital. Since that time, Healthcare Credit Union has been the official credit union for all Intermountain Healthcare Corporation employees and their families.

In his presentation, Baumgartner noted the intended merger was not supervised, but rather a merger of strength and opportunity. Both Credit Unions are deemed financially sound, share similar corporate values, and have complementary fields of membership.

Following the presentations, Healthcare Credit Union members were asked cast ballots in favor of or in opposition to the merger. The meeting was well-attended, with all members present voting in favor of the merger.

“We were thrilled the membership was one hundred percent supportive of the proposed merger,” stated Baumgartner following the member vote. “We’re excited about the opportunities for Healthcare Credit Union members and employees going forward.”

In October 2016, Goldenwest and Healthcare Credit Unions publicly announced their intent to merge. The Credit Unions were granted the green light by federal and state regulators in November. The final step in receiving approval came during the special meeting yesterday in Murray where members were given the opportunity to vote for or against the proposed merger.

The Credit Unions will officially merge and combine financial statements on January 1, 2017. However, they will maintain two separate computer systems for a few months as they prepare for the integration of core operating systems. Full integration of accounts, products and services is expected to take place May 1, 2017.

“Congratulations and thank you to everyone involved at Goldenwest and Healthcare Credit Unions for their diligence and hard work during the merger approval process,” added Wahlen. “We extend a warm welcome to all Healthcare Credit Union members and employees who are now part of the Goldenwest family.”

Healthcare Credit Union branches will be branded with a new logo indicating the Credit Union is now part of the Goldenwest Credit Union network. In the updated logo introduced during the special member meeting, the words “Health Care” converted to a single word “Healthcare” to maintain consistency with the Credit Union’s core sponsor, Intermountain Healthcare.

As there is no overlap of existing branch locations between the two Credit Unions, it is anticipated the eight Healthcare Credit Union branches in Salt Lake County will remain open to serve all Healthcare and Goldenwest Credit Union members.

About Healthcare Credit Union

Healthcare Credit Union is a member-owned, not-for-profit financial institution with headquarters in Salt Lake City, Utah. Established originally in 1950 by LDS Hospital employees, Healthcare Credit Union holds $75 million in assets, serves 7,600 members and operates eight branches.

The merger between Goldenwest and Healthcare Credit Unions will bring about one of the strongest financial institutions in Utah with a combined 36 locations, $1.3 billion in assets, and more than 120,000 members.