BOULDER, Colo. (12/5/12)--In a rare move for the credit union industry, Boulder Valley CU (BVCU) has assumed control of the Boulder, Colo.-based branch and equipment of Indiana Members CU (IMCU).
BVCU opened the branch Monday as a branch of BVCU and will continue service for IMCU's Colorado members. IMCU began encouraging its Colorado members to switch their accounts to BVCU in October so they would be ready for Monday's branch assumption. Staff at the branch will not change.
IMCU is a $1.4 billion asset credit union based in Indianapolis. BVCU has more than $265 million in assets and is based in Boulder.
The agreement has several benefits to members and the credit unions, said BVCU. IMCU will see more efficient operations by focusing on Indiana only, while BVCU adds another branch location and obtains increased membership and loans.
Members of the new branch now have a financial institution with a local infrastructure and increased overall convenience, such as nationwide access to their money through more than 28,000 surcharge-free ATMs and more than 4,500 shared-branch locations; access to Mobile Banking apps; FREE BillPay; and BVCU's online eBranch and account opening services.
"This collaboration and cooperation between not-for-profit financial institutions are what makes credit unions unique and special as an industry," said Rick Allen, BVCU president/CEO.