Who is Westerra Credit Union?
Westerra Credit Union, the third largest credit union in Colorado, grew to its position by orchestrating the two largest credit union mergers in the state.  Safeway Rocky Mountain Federal Credit Union ($145 million) and Gateway Credit Union ($180 million) merged with DPS Credit Union ($565 million) in 2005 and 2006, respectively.  Now known as Westerra Credit Union, the over $1 billion credit union serves 75,000 members.

How the Westerra Mergers Began
The Westerra Credit Union story began with conversations in Board rooms of three different credit unions in Colorado which are likely very similar to discussions held in Board rooms in credit unions throughout the country. 

Net interest margins had declined in the last 10 years, and the trend was expected to continue.  Increased competition, stagnant membership growth, lack of differentiation from banks, slower loan growth, an aging membership, tighter liquidity, banks purchasing credit unions, and a slowing economy are just a few of the challenges the DPS Credit Union Board discussed.  At the same time, the Safeway Rocky Mountain Federal Credit Union Board was having similar discussions.

With strong relationships between management of Safeway Rocky Mountain and DPS Credit Unions, discussions led to what became the merger of the two credit unions.  About the time the merger was effective, Board members from Gateway Credit Union and Safeway Rocky Mountain Federal Credit Union were talking about the many benefits of the merger.  Gateway Credit Union officially merged with the combined credit union a year later.

Westerra Credit Union was introduced in 2006 as the new name for the new organization formed by the merger of the three credit unions. 

The Role of Nice Enterprises, Inc.
Nice Enterprises, Inc. worked closely with Safeway Rocky Mountain Federal Credit Union in their Board strategic planning process and the subsequent development of their merger strategy.  This grew to then providing strategic resources to both DPS and Safeway Rocky Mountain Federal Credit Union and then Gateway Credit Union as well.  Together, the Boards and Management of the credit unions, led by Ron C. Nice, defined the vision for the credit union they would partner to create.

Nice Enterprises, Inc. has served clients across the United States since 1983.  This includes over 750 credit unions, varying in size from less than $1 million to $3+ billion in assets.  Well over 90 percent of their "first time" clients continue to use their services after the first engagement. Nice Enterprises, Inc.’s mission is to act as a catalyst to progressively transform credit unions through quality consulting, delivered with vision and integrity.

How the Merger Kit Began
Having successfully completed two mergers within a 20 month period, management at Westerra Credit Union began to receive many inquiries from other credit unions for advice, samples and lessons learned.  Through their mergers, Westerra had gained the expertise and experience that other credit unions seek. 

They had also found that there is a real void in the industry for these types of merger tools.  Nice Enterprises, Inc., at the same time, witnessed heightened demand among credit unions for help in creating and implementing merger strategies.  The two groups realized that their proven resources and strategies could help other credit unions position themselves for future financial stability—and to better serve their members.

On February 14, 2007, Nice Enterprises, Inc. and Westerra Services (a wholly-owned CUSO of Westerra Credit Union) partnered to bring their extensive merger expertise and experience to credit unions in the form of a Merger Kit and merger consulting.

The people who orchestrated these successful mergers wrote and produced this one-of-a-kind Kit, complete with 100 Adobe PDF documents, 30 Excel spreadsheets and action plans, 16 PowerPoint presentations and more than 80 Word documents—all of which can be edited to your credit union’s specific needs. 

Watch for Phase 3 of the Kit coming in the Spring of 2008 – as the Westerra story (The Integrating Phase) continues to be documented and written!