Vermont Business Magazine Green Mountain Credit Union (GMCU), based in South Burlington, and Opportunities Credit Union (OCU), headquartered in Winooski, have announced their intent to merge. This strategic partnership plans to unite two community-focused credit unions, each committed to exceptional member service and financial inclusion. The combined organization would have approximately $165 million in assets, enhancing its ability to meet the needs of members across Vermont. The combined organization would maintain branches in Burlington, South Burlington, Winooski, Berlin and Rutland, and would serve more than 10,000 members.
Bob Lake, CEO of Green Mountain Credit Union, and Glenn Von Bernewitz, Chair of the Opportunities Credit Union Board of Directors, expressed their enthusiasm for the proposed merger in a joint statement:
"This anticipated merger represents an exciting step forward for both organizations. By joining forces, we would enhance our ability to provide comprehensive financial services to our members while maintaining the strong community focus that defines both credit unions."
The merger remains subject to approval by both state and federal regulators, as well as by the memberships of both credit unions. The transaction is aiming to close in the second quarter of 2025. Bob Lake emphasized that no immediate job losses are anticipated, highlighting the alignment and mutual respect that have guided this process.
Founded in 1959, Green Mountain Credit Union has a long history of serving members with personalized financial solutions. Since 1989, Opportunities Credit Union has been a leader in providing accessible financial services, particularly to underserved communities. Together, the two credit unions would combine their expertise to build a stronger, more resilient organization that would continue to prioritize member needs.
Members of both credit unions will receive ongoing updates throughout the merger process.
This follows the merger of the state's two largest credit unions in 2023, when NEFCU and VSECU merged to form the now renamed EastRise Credit Union.
About Green Mountain Credit Union:
Green Mountain Credit Union, founded in 1959, is committed to empowering its members with tailored financial products and services.
About Opportunities Credit Union:
Opportunities Credit Union, established in 1989, is dedicated to creating wealth and promoting economic development by bringing affordable capital and financial services to low-income and other traditionally underserved populations.
Source: South Burlington, VT and Winooski, VT – November 22, 2024. Green Mountain Credit Union
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