The $61 million SummitOne Federal Credit Union in Ogden, Utah,will merge with the $187 million Wasatch Peaks Federal Credit Union, also in Ogden, on July 1,the credit unions said.
|SummitOne members approved the merger last week at the creditunion's annual meeting. Of the credit union's 6,129 members, morethan 1,000 members voted. According to SummitOne, 91% votedin favor of the merger.
|Though SummitOne's net worth is 7.38%, its loan income hassteadily declined from $2 million in 2008 to $1.3 million in 2012,according to NCUA financial performance reports. The credit unionalso has seen its investment income drop from $1.2 million in 2008to $433,721 in 2012.
|In 2008, 2009 and 2011, SummitOne posted a total net loss of$806,846, according to NCUA financial performance reports. In 2010and 2011, however, the credit union reported a total net incomegain of $613,381.
|Post merger, SummitOne's four branches will remain open,according to a Wasatch Peaks CU blog post. Wasatch Peaks CU serves25,864 members.
|SummitOne FCU was founded as the Dee Hospital Credit Union onSept. 13, 1954, to serve the financial needs of doctors, nurses,administration and staff at McKay-Dee Hospital. The credit unionlater changed its name to McKay-Dee Hospital Credit Union.
|By 1974, its assets grew to $1 million. In 1989, the OgdenClinic Credit Union and the Browning Employees Credit Union mergedwith McKay-Dee Hospital CU.
|On Jan. 1, 2006, the credit union changed its name to SummitOneCredit Union to reflect the diversified membership, a federalcharter conversion and an expanded field of membership.
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