LONGVIEW, Wash. — Cowlitz CU here has announced that it will merge with Red Canoe CU.
Cowlitz members' votes to merge were ratified during a Wednesday meeting, with state regulators notified of the majority vote approval. The merger is expected to be finalized on May 1, with full data migration expected to be completed in late summer.
Cowlitz has $41 million in assets and 4,500 members, but the credit union lost nearly $30,000 last year, according to its December 2013 call report.
The merger will grow Red Canoe, which is also based in Longview, to $638 million in assets.
"We are excited for the opportunity to serve the Cowlitz CU membership and for their members to join our Red Canoe family," Red Canoe president and CEO David Spaulding said in a statement.
Spaulding will serve as president and CEO of the combined institution, and Cowlitz will maintain one seat on Red Canoe's board. Cowlitz employees are expected to lose their jobs as a result of the merger.
