About the Merger
There is power in uniting. We are thrilled to announce Premier Members Credit Union and Meritrust Credit Union in Wichita, Kansas, have agreed to form a new, stronger credit union. This merger represents the uniting of two healthy credit unions for the benefit of the members, employees and communities we serve.
United, we will build on our strength and innovation to better meet the evolving needs of our members.
United, we will leverage a larger pool of resources, talents and skills to compete in the fast-moving technology and financial markets.
United, we will provide even greater value to our members and communities than we could as separate organizations.
United, we will proudly serve over 200,000 members with 33 branch locations across diverse communities in Colorado and Kansas, with 650 employees and nearly $4 billion in assets.
How This Merger Benefits You
Uniting for you.
By combining our resources, talents and services you will have access to:
A wider range of products and services to better serve your financial needs.
Expanded digital banking tools to simplify your everyday banking.
More comprehensive financial education resources, including digital financial management tools and gamification.
More people dedicated to serve you no matter where you are in your financial journey.
Uniting for our communities.
With our partnership, we will make an even bigger impact in communities through philanthropic efforts. Together, we are committed to investing $3 million annually to improve the lives of our members and the communities we serve. This investment benefits you and your families for generations to come.
Uniting for our future.
By combining our strong and well-capitalized credit unions, we are taking steps to ensure we will continue to serve future generations of members. Diversifying our memberships across two states builds on our strength.
Frequently Asked Questions
What does this merger announcement mean?
This exciting announcement means Premier Members Credit Union (PMCU) and Meritrust Credit Union (MCU) intend to merge, pending regulatory approval and MCU membership approval. This merger represents the uniting of two healthy credit unions for the benefit of members, employees and communities.
Why are we merging?
The primary reason for this strategic and collaborative merger is to leverage a larger pool of resources to provide even greater value to our employees, our members and our communities than we could as separate organizations. We want to build a regional credit union leader that can continue to offer the best service, products and technologies to our members.
What are the advantages of being a larger credit union?
Becoming a larger credit union will provide the resources to best position us for continued growth and financial strength and stability.
For members, it means increased value in the form of more product and service access, new and robust technologies and services and increasing our impactful community commitment to creating financial health.
For employees, it means increased professional growth opportunities and having more resources to establish best practices, best systems and best processes to do their jobs effectively.
What does a merger mean for us?
After the merger, our combined assets will be nearly $4 billion, serving nearly 200,000 members with 650 employees and 33 branches throughout many diverse communities across Colorado and Kansas. Specifically, this merger means:
- Increased resources to deliver bigger and bolder financial solutions for our members and communities to improve their financial health and wellbeing.
- Increased career opportunities for existing employees and the ability to attract top talent.
- Increased opportunities to collaborate with other progressive credit unions and fintechs.
- Increased market and economic diversification to ensure long term sustainability.
Why did PMCU and MCU choose each other as merge partners and can you tell me about them?
PMCU and MCU boards were seeking a partner that matched each organization’s core values, passion, financial strength, dedication and loyalty to employees, members and the communities each served. In addition, both boards, CEOs and leadership teams maintain a common vision for the future of the combined credit union going forward.
Introducing Meritrust Credit Union. In 1935, seven pioneers from Stearman Aircraft Company in Wichita, Kansas, organized and chartered a credit union for its employees. From there, membership grew to include employees of Boeing, their suppliers and, in time, Spirit AeroSystems. In nine decades, we’ve expanded our mission, our team, and our membership. With a legacy rooted in aviation, Meritrust proudly serves over 118,000 members within the Wichita, Manhattan and Lawrence communities and throughout the Midwest. Meritrust assets exceed $1.9 billion and serves our members with 14 branches and over 350 employees. As a member owned cooperative, Meritrust serves a broader purpose that emphasizes the financial health and wellbeing of its employees and members.
Introducing Premier Members Credit Union. In 2015, Premier Members Credit Union and Boulder Valley Credit Union joined forces in a “merger of equals” to form a new credit union under the Premier Members Credit Union brand. Headquartered in Broomfield, Colorado, with assets exceeding $1.7 billion, 19 branches and nearly 300 employees, they put their 78,000 members first. Premier Members Credit Union provides modern technology with unmatched service while keeping a strong focus on uplifting communities.
Do both CUs support this partnership?
100% YES. Both credit union boards and leadership are excited about this merger and have been working for over a year to ensure it benefits our employees, members and communities.
Who will lead the new combined credit union?
Both, Carlos Pacheco, CEO/President of PMCU, and James Nastars, CEO/President of MCU will co-lead the combined organization.
Meet Carlos Pacheco. Carlos Pacheco has served as CEO/President of PMCU since January 2011. He brings more than 35 years of financial services experience, serving in a variety of leadership roles in both for-profit and not-for-profits financial sectors. Prior professional experience includes technology, operations, project management, retail banking leadership and executive roles for Bank of America, First National Bank of San Diego, and Desert Financial Credit Union (formerly Desert Schools Federal Credit Union). Pacheco also remains active in the community, serving on the boards of the Better Business Bureau of the Great West & Pacific, Mile High United Way, Impact on Education Boulder, as well as the Board of Directors of Alloya Corporate Federal Credit Union. Pacheco also dedicates his time and talent to Junior Achievement USA Programs. He holds a bachelor’s degree in business administration from the University of Phoenix.
Meet James Nastars. James Nastars has been with Meritrust since 2013 and in the credit union and banking industries for more than 35 years. He earned his Bachelor of Business Administration in Finance and his MBA from the University of Texas at Austin. Within the Wichita community, he serves on the boards of Kansas Big Brothers/Big Sisters, the Wichita Foundation, the Greater Wichita Partnership’s Executive Advisory Board, WSU Barton School of Business Dean’s Advisory Board, K-State Institute of Personal Financial Planning Advisory Board and the National Advisory Council of the WSU Foundation and Alumni Engagement. Within the credit union industry, Nastars serves on the Board of CU NextGen Technologies, and MEMBERS Development Corporation (MDC).
Will PMCU and MCU have representation on the new credit union board?
Yes. The combined 14-member board will be represented by 7 members from PMCU and 7 members from MCU.
How will the new credit union be chartered?
Currently, PMCU has a Colorado state charter and MCU has a federal charter. After thoroughly weighing the benefits of each charter, the PMCU and MCU Boards voted in favor of moving forward with the Colorado state charter for the new credit union.
The main reason for choosing the Colorado state charter was the flexibility for growing membership and the ease of expanding into other areas.
Since MCU is the credit union changing their charter, only their membership will vote to approve the merger. PMCU membership is not required to vote.
What is the merger timeline?
To complete the merger process, we must receive approval from three sources: our Boards of Directors, our regulators and MCU members.
- Board approval
In September, the boards of both credit unions approved and signed a merger agreement. - Regulator approval
We are now in the process of submitting a merger application to regulators for approval, which is required before a MCU membership vote occurs. - MCU membership approval
After we receive approval from our regulators, the MCU membership will participate in the merger vote. This is expected to happen in March 2025.
At this time, we expect legal day 1 of the new credit union to be April 1, 2025. Assuming this timeline holds, this is the day we will be united as one credit union!
What will the new credit union be called?
The legal name of the new credit union will be Meritrust Credit Union.
Both credit unions will keep their existing brands since there is no overlap in our existing markets and both brands have a strong presence in their respective markets.
We will continue to own and operate both brands — Meritrust in Kansas and Premier Members in Colorado. Each brand will strongly support the overall mission and purpose of the united credit union, but this will allow us to tailor messaging to the specific market segments in each area.
Where will the new credit union be headquartered?
Because the new credit union will be under the Colorado state charter, the headquarters will also be in Colorado. The current PMCU headquarters in Broomfield, Colorado, will be considered the corporate headquarters of the united organization for reporting purposes.
However, each current headquarters will be referred to as the Colorado Administration Offices and the Kansas Administration Offices. You will still receive the same level of local service and decisions you enjoy today.
Will any of your branches close?
No, none of our existing branches will close as a result of the merger.
Does your commitment to community change?
Absolutely not! Both credit unions are committed to supporting our communities in both Colorado and Kansas and will continue to support members across our field of membership.
Will my accounts remain safe during the merger?
Yes. The merger process is subject to extensive review by regulatory authorities to ensure it is in the best interest of members. While the merger may result in changes to product offerings or operational procedures, the fundamental protections for member accounts will remain intact throughout the transition.
Will my account and current rates be impacted by the merger?
No. The rates on fixed rate loans and certificates would remain the same until the end of their existing terms. Other products would adjust as normal due to market conditions.
What communication should I expect throughout the process?
Both PMCU and MCU members will receive an email or letter from the Co-CEOs announcing the exciting news of the potential merger. After that, only MCU membership will receive monthly emails or letters because they are the voting membership.
Each month between now and the vote date, one specific member benefit of the merger will be highlighted and communicated to the MCU members in order to educate them on the importance of a YES vote.
The website landing page for PMCU and MCU will feature the same information highlighted each month so all members can be knowledgeable of the member benefits.
Will there be changes to your products and services?
All members will have access to a wider range of financial products and services after the merger. Combining product suites allows us to offer more products and services members find valuable.
Will my accounts continue to be federally insured?
Yes. Member deposits will continue to be federally insured by the National Credit Union Share Insurance Fund (NCUSIF). Information regarding NCUA insurance and a calculator to help determine your coverage is available at www.mycreditunion.gov/estimator
Will the merger impact the service I receive?
Member service will not immediately experience any impacts since full system integration will not occur for several months. Our goal is to continue to deliver an exceptional member experience through the entire transition and keep members informed in advance of any changes to our products and services. Certain system conversions will have a short-term impact on member service, but we will work hard to minimize those disruptions.
Contact
We are committed to making this journey as smooth as possible and keeping you updated at every important step in this process. If you have any questions about the merger, please do not hesitate to contact us at merger@pmcu.org.