VACOUVER and CAMAS, Wash. — Lacamas Community CU and iQ Credit Union have announced plans to merge this summer, creating one of the largest credit unions in southwest Washington.
The consolidation is expected to be complete in July, the two institutions said in a joint statement. Both chief executives plan to retire in 2014, and by merging now the combined board of the new CU can conduct a search their new leader.
The merger allows "a combined new board to conduct a search for a CEO to lead the larger institution," the statement noted. Kathleen Romane, CEO of Lacamas Community, plans to retire in July 2014. Roger Michaelis, iQ's CEO is set to retire at the end the year.
"This is a strategic move that will reap rewards for both our members and our employees," said Michaelis in the statement. "Together, we'll be an even stronger institution with more convenient access to branches throughout the area and more efficiencies internally that will improve services to members."
Romane added: "As part of a larger organization, all employees will have the benefit of more professional development opportunities to advance their own careers. This is a tremendous opportunity for them to enhance their skills and growth potential."
Based in Camus, Lacamas Community serves individuals and businesses in Clark and Skamania counties with over 17,000 members, six locations and assets over $195 million. iQ, which is based in Vancouver, has nine locations in southwest Washington, 50,000 members and over $500 million in assets.
"Our members have been asking for branches in downtown Vancouver, Salmon Creek and Battle Ground," Romane noted. "We're pleased we're able to respond to their needs plus offer even more in the way of enhanced service, improved efficiency and competitive products."
As is usual with credit union mergers, the two CUs say no employee jobs are expected to be lost as a result of the deal. A consolidation team consisting of employees from both credit unions will oversee the transition process, which will review the integration and the expansion of other services, as well as explore naming and branding strategies.
