Canyon State Credit Union and Deer Valley Credit Union have announced their successful merger. The official merger date of October 1, 2019 comes just weeks after members of Deer Valley Credit Union voted in favor of joining the two financial institutions.
The 19,000 Canyon State members, and 19,000 Deer Valley members will form one larger, stronger cooperative financial institution. This mutually beneficial merger combines two credit union that share the same focus on community-based banking and similar core values.
“We will be stronger together,” said Deer Valley CEO, Robb Scott. “By pooling our financial resources, we’ll be able to remain competitive in the ever-changing financial industry landscape. We’ll stay focused on our commitment to the communities we serve and continue to strive for excellent member service.” Scott will be the sole CEO in the new, larger institution.
“Staying relevant in today’s FinTech environment has to be a business priority,” said Chris Urness, Co-Chair of the new merged credit union’s Board of Directors. “This merger creates opportunities for us to expand our capacity to provide the solutions our members need. Staying relevant in technology while staying personal in service will be our goal.”
Paul Waterman, also Co-Chair of the new merged Board of Directors echoed Urness’ statement, adding “It’s imperative that we stay true to ourselves, our values, and our members by remaining a member-focused and service-driven institution. We understand that to deliver on that promise, we need to be positioned to do business in alignment with today’s consumer behaviors.”
Both Canyon State and Deer Valley leadership teams are excited about the opportunities to expand and work together to ensure a stronger future for both memberships. Scott confirmed they plan to keep all branch locations open and all staff members from both organizations will retain their jobs.
When asked what the new, larger institution will look like, Scott replied “We’re not in a rush to pick a new name, merge our core systems, or change much in 2019. 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.”
Scott did confirm the credit unions will join their systems in 2020 with a heavy emphasis on causing as little disruption as possible to members from both credit unions.