YAKIMA, Wash. – Yakima Valley CU on Wednesday said it has agreed to combine with $170 million Catholic CU to create a credit union with almost $500 million in assets serving 50,000 members.
The two have tried to merge for more than a decade but now are formally starting the process because succession time lines are lining up at each credit union, the credit unions said.
The two organizations say they plan to avoid any layoffs from the beginning, if the merger is finalized. Both credit unions have signed a non-binding letter of intent. The next step includes applying with the state and ultimately getting the approval of each set of members, which is expected in mid-2011.
