Dugway Federal Credit Union has become a part of West Jordan-based Mountain America Credit Union in a deal that became final on April 1. Located at Dugway Proving Grounds, Dugway Federal Credit Union is a $2.9 million institution with 637 members, primarily military and civilian employees at the U.S. Army facility.
All Dugway FCU accounts have been transferred to MACU. The merger will provide Dugway members with access to 89 branches and a variety of new services, including rewards checking, mobile banking, bill pay, business services, real estate and business lending and a full range of mortgage loans, MACU said in a release.
“We are happy to welcome the Dugway Federal Credit Union family as the newest members to Mountain America Credit Union and look forward to continuing the Dugway Federal Credit Union tradition of providing quality service,” said Sterling Nielsen, CEO of MACU. “This merger gives Dugway Federal Credit Union members access to a vast branch network and a multitude of additional products and services.”
Dugway FCU posted a net loss of about $8,600 in 2017, after recording a net income of about $4,300 in the prior year, according to trade magazine Credit Union Journal. Its total loans and leases dropped from $2.2 million in 2016 to $1.9 million the following year.
MACU generated net income of $94 million in 2017, up from about $78 million in 2016. MACU’s total loans and leases amounted to about $5.1 billion in 2016 and grew to $6.1 billion last year.