Oregon CUs Combine In Latest Big Merger

Register now

COQUILLE, Ore. – Oregon First Community CU said it has agreed to merge with SOFCU Community CU in Grants Pass, creating the state’s seventh largest credit union with $700 million in assets.

Under the merger plans, David Elmer, executive vice president of Oregon First, will become president and CEO of the merged entity, while the CEOs of the two credit unions, Charla Zeltvay, president and CEO of SOFCU, and Dal King, head of Oregon First, will continue serving as presidents in the parent company, before they retire in 2012.

It is the second big merger announced this week, following Navy FCU’s deal to acquire USA FCU, the one-time $700 million San Diego credit union.

Oregon First, chartered in 1957 as Coos Curry Teachers FCU, has $415 million in assets and serves school employees and select groups through 23 branches from the state’s South Coast northward, and east as far as Milton-Freewater.

SOFCU, which has $285 million in assets, was chartered in 1953 as the Josephine County Teachers CU and now serves residents of Josephine, Jackson, Klamath, Deschutes, Douglas, Lane and Coos counties.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER