Yakima Valley Credit Union in Yakima, Wash., said Wednesday that it has signed a nonbinding letter of intent to merge with Catholic Credit Union to create a credit union with almost $500 million in assets and serving 50,000 members.

The credit unions 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, according to a press release. Yakima and Catholic, which is also based in Yakima, said they expect to get approval from regulators and members by midyear.

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