Officials with St. Helens Community Federal Credit Union in Oregon and nearby Wauna Federal Credit Union said they plan to merge to create a credit union with about $300 million in assets.

The merger of the $162-million St. Helens and the $145-million Wauna, based in Clatskanie, Ore., is subject to member and regulatory approval. A merger is being sought for reasons related to credit union competition and economies of scale, the two credit unions said in a non-binding letter of intent.

"Both credit unions share a common heritage," said Robert Blumberg, Wauna's president, who added the combination, "would produce greater efficiencies and support needed technology advancements."

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