HOQUIAM, Wash.–Two Washington credit unions have announced merger plans, with one CU saying the move was being made to “protect members.”
Grays Harbor Woodworkers FCU said it will merge into Great NorthWest FCU. In a message on Grays Harbor Woodworkers’ website, chairman Walt Hilliard states that there have been “several unusual events” that are driving the merger, among them an office fire.
In addition, the post states that “Federal examiners encouraged the board to place the manager on administrative leave pending investigation.
To protect our members, the board decided the only recourse was to merge with another credit union. After meeting with the CEOs of three local credit unions, we decided the best fit to serve our close-knit membership was Great NorthWest Federal Credit Union.”
In the statement Hilliard said the goal is to complete the merger with the $131-million Great Northwest FCU by Feb. 1. The statement further says the CU’s lone office will remain open for at least three months and that its remaining employee will also remain employed.
“Know that your board of directors (has) worked hard to weather these difficult times,” wrote Hillard.