July 5, 2013

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Goldenwest Credit Union and USU Charter Credit Union Announce Intent to Merge

Press Release

July 5, 2013

Logan – The Board of Directors at Goldenwest Credit Union and USU Charter Credit Union announced their intent to merge their two Utah-based credit unions. The partnership will have a combined 26 branches, $985 million in assets, and more than 106,000 members.

“Goldenwest is the ideal strategic partner for us,” said David Butterfield, President/CEO of USU Credit Union. “Both credit unions are financially sound, our fields of membership are complementary to one another, and we share similar values for members, employees and the community.”

USU Credit Union will maintain its brand in Cache Valley and operate as a division of Goldenwest Credit Union.

“It is important we retain our identity as a credit union that serves the students, faculty, staff and alumni of Utah State University,” said Steve Carroll, chairman of USU Credit Union. “Our members have tremendous loyalty to the Utah State brand.”

“Goldenwest has about 2,000 members who currently live in Cache and Box Elder Counties,” commented Kerry H. Wahlen, president and CEO of Goldenwest Credit Union. “We are excited to bring these members added convenience by serving them in the five USU Credit Union branches.”

USU Credit Union members will have membership privileges at Goldenwest’s 21 existing offices and will be able to access their accounts at thousands of additional branches across the country through the shared branch network. USU Credit Union members will have full access to Goldenwest’s portfolio of products and services, including residential mortgages and commercial loans.

“This merger will provide tremendous value for our members, and in particular, USU students and alumni,” Butterfield said. “With the expanded branch network throughout Utah and across the country, USU alumni can easily continue their relationship with our credit union should they leave Cache Valley after graduation.”

The merger is subject to regulatory approval by the NCUA. The intended merger is expected to be completed in the fourth quarter of 2013.

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