SPOKANE, Wash. – Numerica CU said Friday it has agreed to merge into it School Employees CU, an ailing $12 million Richland credit union.
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SECU reported a $110,000 loss for 2009 and a $70,000 loss for the first quarter of 2010, when its net worth ratio declined to just 4.2%.
Numerica is the state’s fourth-largest credit union, with $997 million in assets and reported a $1.8 million net for the first quarter, even after taking a $500,000 charge for this year’s assessment for the corporate credit union bailout.
The merger is effective May 31.
