Canyon State Credit Union and Deer Valley Credit Union have announced their intent to merge in 2019. This collaborative merger will be a joining of equal credit unions and not a buyout or acquisition of one credit union over the other.
This mutually beneficial merger would combine two cooperative financial institutions that share the same focus on community-based banking and similar core values. With votes in favor of the merger from their respective memberships, and regulatory approval, the credit unions would join their product lines, areas of service, and branch networks to provide greater selections and conveniences than previously offered as two separate entities.
“Our goal is to bring both memberships increased benefits with expanded services, products and locations,” said Deer Valley Credit Union CEO, Robb Scott. “We’ll also be able to offer more opportunities for our employees and continue to provide exceptional member service that members rely on from people they know and trust.”
Scott added that no employees would be laid off as a result of the merger and all branch locations from both credit unions would remain open, for a total of ten branches.
“Our industry is in a constant state of flux and with an increase in FinTech competition we recognize we’re better positioned to serve our members by combining resources,” said Canyon State CEO, Jane Dobbs. “This strategic partnership aligns our organizations for continued success and greater, more meaningful impact in the communities we serve.”
Canyon State and Deer Valley leadership teams are very optimistic about the merger of these two financially strong credit unions. The combined staff resources and what will be over $440 million in combined total assets will help ensure a prosperous future for both memberships.
Canyon State CU, formed in 1951, has 18,200 members and 61 employees with 4 full-service branch locations and 2 satellite locations. They serve 108 zip codes in Phoenix, Tucson, and Payson areas.
Deer Valley CU, formed in 1971, has 18,500 members and 77 employees with 4 branch locations. They serve 107 zip codes in the Phoenix and Prescott areas.
Members of both credit unions are encouraged to stay up-to-date on the merger at canyonstatecu.org and deervalleycu.org.
Jane Dobbs
Robb Scott