DALLAS – Southwest Corporate FCU, which abandoned plans to combine with Southeast Corporate FCU in Florida, has agreed this time to merge with Northwest Corporate FCU, which serves 250 credit unions on the west coast.
The deal will create a national corporate with almost $12 billion in assets, serving some 1,500 credit unions. As a sweetener to the deal, Northwest, based in Portland, Ore., will place $1 million each in the state credit union foundations in Oregon and Washington, subject to NCUA approval. Southwest Corporate, which serves mainly credit unions in the southwest, had planned to merge with Southeast Corporate but the two abandoned those plans last September.
Southwest is by far the bigger corporate, with more than $11 billion in assets and 1,250 member credit unions, while Northwest claims about $900 million in assets and 250 members.
