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.

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.

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.

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.

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.

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.

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).

Yes. The combined 14-member board will be represented by 7 members from PMCU and 7 members from MCU.

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.

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!

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.

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.

No, none of our existing branches will close as a result of the merger.

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.

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.

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.

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.

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.

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

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.