Security Service Federal Credit Union of San Antonio announced it will acquire Denver based New Horizons Community Credit Union.
Terms of the sale were not disclosed.
New Horizons has four locations in the Denver area, with 18,000 members and about $150 million in assets. The purchase is expected to finalized June 30.
SSFCU, the 11th-largest credit union in the nation, currently operates nine locations in the state, including one in Denver.
Additional business news briefs:
DULLES, Va.
GeoEye joins forces with SPADAC
Dulles, Va.-based GeoEye, which has major operations in Thornton, announced it has partnered with McLean, Va.-based SPADAC, a geointelligence and predictive analysis company.
Full terms were not disclosed, but the deal will allow each company to use each other’s capabilities and collaborate for research and development.
ELK POINT, S.D.
Hyperion to build first new refinery in decades
A Texas energy company is planning the nation’s first new oil refinery in 30 years, the company confirmed Wednesday.
Dallas-based Hyperion Resources is considering Elk Point, S.D., for the refinery as well as other sites in the U.S., officials say.
Plans call for “the most environmentally sound energy center in the United States,” the company said in a statement.
FORT COLLINS
Coloradoan lays off 10 employees
Ten people have been laid off by the Fort Collins Coloradoan, including two in the news department, the newspaper reported Wednesday.
The layoffs, which affected every department except advertising, occurred amid an industry struggle against declining readership and advertising revenue.
DENVER
Sensis to implement CDOT project
The Colorado Department of Transportation has selected Sensis Corp. to implement the first phase of its $15 million radar-like surveillance project to improve air travel to mountain airports.
The first phase, to be ready by the 2008 ski season, will cover airports in Hayden, Rifle, Steamboat Springs and Craig. The second phase is expected to cover Montrose, Telluride, Gunnison, Cortez, Durango and Alamosa.
SAN ANTONIO
AT&T poised to ally with EchoStar
AT&T seems likely to pick Douglas County-based EchoStar over DirecTV Group as its sole marketing partner for satellite-TV services, Wall Street analysts told Investor’s Business Daily.
AT&T now resells TV services from both EchoStar and DirecTV. At a Morgan Stanley conference in May, Richard Lindner, AT&T’s chief financial officer, said AT&T would pick one service by year’s end. The decision will deal a blow to the loser.
NEW YORK
Blackstone Group IPO targets Street elite
Small investors looking to buy a stake in private-equity powerhouse Blackstone Group might want to look elsewhere for the time being. The first pass in its much-hyped initial public offering is likely to go exclusively to Wall Street’s elite.
Top executives at the nation’s second-largest buyout shop are set to traverse the globe to sell the IPO to investment firms, pension funds and other institutional investors.
WASHINGTON
Dem threatens Fed on mortgage reforms
A key House lawmaker on Wednesday threatened to strip the Federal Reserve of its authority to write rules against abuses in the market for high-risk mortgages if the central bank does not act quickly to do so.
The remarks by Rep. Barney Frank, D-Mass., chairman of the House Financial Services Committee, intensified the pressure from congressional Democrats on the Fed in recent months as mortgage delinquencies and foreclosures have surged.
PARIS
Model of space jet for tourists unveiled
European aerospace company EADS on Wednesday unveiled a model of a jet designed to take tourists into space. It would rocket paying passengers to weightlessness at more than 62 miles above the Earth.
EADS Astrium said it hoped the space jet – which looks much like a conventional aircraft, although it is outfitted with rocket engines – will be operational by next year, with the first flight scheduled for 2012.
WASHINGTON
Cereal maker to boost nutritional value
Kellogg Co. has agreed to raise the nutritional value of cereals and snacks that it markets to children.
The Battle Creek, Mich., cereal maker avoided a lawsuit threatened by parents and nutrition advocacy groups worried about increasing child obesity. Its decision is to be formally announced today.
ATLANTA
New credit-card pact raises Delta reserves
Delta Air Lines, the third-largest U.S. carrier, said a revised agreement for processing Visa and MasterCard credit cards freed up $1.1 billion held in reserve.
The change will enable Delta to end this quarter with $4.2 billion in cash, marketable securities and a revolving credit line.
While Delta was in bankruptcy, payments were withheld for credit-card purchases of tickets that hadn’t been used for travel.
