OGDEN, UT: October 20, 2016 – The Board of Directors at Goldenwest Credit Union and Health Care Credit Union announced today their intent to merge the two Utah-based Credit Unions. The merger proposal will go to members of Health Care Credit Union in the coming weeks for an official vote.
“This merger will provide Health Care Credit Union members with the best financial products and services available in the market today and into the future,” stated Scot Baumgartner, President/CEO of Health Care Credit Union. “In particular, we’re excited to significantly increase our technology-based services through Goldenwest’s popular online and mobile banking platforms.”
The merger will create one of the top Credit Unions in Utah serving a combined 120,000 members. Greater branch convenience will be available to the entire membership with a combined 36 locations from Logan to St George. Together, the Credit Unions hold $1.27 billion in assets.
“As the Board considered several partners for a merger, we searched for a Credit Union with a strong commitment to providing high value for its members,” said Randy Evans, Chairman of the Board for Health Care Credit Union. “We’re confident that Goldenwest will offer Health Care Credit Union members quality products and top-rated service.”
Goldenwest Credit Union President/CEO Kerry H. Wahlen is quick to point out that Health Care Credit Union members are not the only ones who will benefit from the merger.
“We are delighted for this opportunity to expand the Goldenwest branch footprint in Salt Lake County,” stated Wahlen. “The merger complements our long-term growth strategy to better serve our members who live and work throughout the state of Utah.”
Goldenwest currently operates three branches in Salt Lake County with locations in Sandy, South Jordan and Herriman. A fourth branch is under construction in The Highlands shopping development in West Jordan. The merger will add eight Salt Lake County offices to the Goldenwest branch network.
As both Credit Unions are deemed financially secure, the merger is considered strategic in nature.
“We believe this merger is favorable for both Credit Unions,” stated Bill Hart, Chairman of Goldenwest. “We enthusiastically welcome Health Care members to our Credit Union family, and invite Goldenwest members to enjoy the convenience of the additional branches in Salt Lake County.”
The merger is subject to approval from federal and state regulators. The intended merger is expected to be complete in the first quarter of 2017.
About Health Care Credit Union
Health Care Credit Union is a member-owned, not-for-profit financial institution with headquarters in Salt Lake City, Utah. Established in 1950 at LDS Hospital, Health Care Credit Union holds $75 million in assets, serves 7,600 members and operates eight branches.