OLYMPIA, Wash. and EUGENE, Ore. — A pair of small Pacific Northwest credit unions bid farewell Tuesday, with the two different merger announcements going out just four minutes apart.
Bi-Mart Federal Credit Union will merge its $6.9 million in assets and 2,300 members into $1.2 billion Oregon Community Credit Union. Both CUs are headquartered in Eugene, Ore.
In the Evergreen State, $9.5 million Central Washington University Federal Credit Union, Yakima, Wash., will merge into $2 billion Washington State Employees Credit Union, Olympia, Wash.
The reasons cited in the two press releases were strikingly similar, and are a familiar refrain as small credit unions continue to be merged out of existence.
Chad Olney, CEO of Bi-Mart CU, said, "We explored many options and a partnership with Oregon Community Credit Union was the best strategic decision for us, and also a great opportunity for our members. We realized this would bring our members expanded products and services and the added convenience of more branches, remote services and an extensive surcharge-free ATM network."
The decision by CWUFCU reportedly came after "considered review and forecasting" of the small credit union's financial position for the near and long term.
"With slightly more than 400 members, declining loan and revenue growth, and few options to increase fiscal viability, the board believed it was in the best interest of the credit union to pursue a merger partner to meet the ongoing needs of its members," the CU said.
Approvals Granted
Bi-Mart FCU's merger into Oregon Community CU has been approved by NCUA and the Oregon Department of Consumer and Business Services, Division of Finance and Corporate Securities. Bi-Mart CU members approved the merger on May 19.
The Bi-Mart/OCCU merger will be effective July 1, with operational integration expected to be complete in September 2014.
Bi-Mart Credit Union was formed in 1969 by employees of Bi-Mart Corporation to serve Bi-Mart employees and their families. It serves 2,300 members throughout the Northwest. The current Bi-Mart Credit Union branch will remain open until operational integration is complete, and all Bi-Mart Credit Union employees will be offered employment with Oregon Community.
Oregon Community CU was chartered in 1956. It operates nine branches in Eugene, Springfield and Salem, Ore.
'Difficult Decision'
Central Washington University FCU will merge with WSECU in August. Current members of CWUFCU will automatically become members of WSECU on the date of the final merger, which is expected to be Aug. 1.
CWUFCU has served the employees and retirees of Central Washington University since 1962.
"We were seeking a credit union partner that had strong financial stability, a history of serving higher education employees and an outstanding reputation for member service," said Barbara Hodges, CWUFCU's board chair. "After seven months of vetting, WSECU was selected as the right partner by the board, and a vote by our members endorsed that decision."
WSECU's board of directors also approved the merger plan.
"We know it was a difficult decision for CWUFCU to make and we're proud to have been selected as the merger partner," said Doug Mah, WSECU's board chair.
WSECU said it will open a new, full-service branch in Ellensburg, Wash., at the time of the merger to assure a "seamless banking experience" for CWUFCU members and to expand service the large credit union's many current members in the region. The branch will be located behind the Central Washington University Welcome Center.
