Another Mega-Merger Halted

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TACOMA, Wash. - (05/17/05) -- Officials with Harborstone CU andTwin County CU said they have called off plans to combine andcreate a credit union giant with $1.1 billion in assets, the secondcancellation of a northwest mega-merger in the past year. Officialsof the two credit unions attributed the cancellation of thecombination to difficult timing and regulatory resrictions onmember business lending, as we as other organizational issues. Lastyear, Portland Teachers CU and Oregon Community CU agreed to mergeinto a $2.3 billion conglomerate, then called off the deal becauseof complications related to combining their operations.

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