DUPONT, Wash.–Credit unions in Washington, California and Iowa have announced mergers.
In Washington, Community 1st Credit Union and Generations Credit Union have merged. The $110-million Community 1st will absorb the $38-million, Olympia, Wash.-based GCU as part of the combination.
The credit unions issued a statement saying the similarities between the two CUs “provide a stable foundation for a successful integration.”
“Our number one goal remains the same – we always put our members first,” the credit unions said. “For now, our products and services will stay the same, but we intend to evaluate and incorporate the best features of both organization’s products and services as we move forward.”
Members were told to watch for ongoing communication on the merger.
“We are excited about the opportunities this brings to both organizations,” said Bill Paulen, CEO of Community 1st. “Both teams are dedicated to the success of the new, combined organization. Together we see this merger as an excellent match.”
Community 1st said it would add Generations’ Olympia branch to its network.
The credit unions have created a merger-related website at www.teamcreditunion.com.
California Merger
Separately, in Salinas, Calif., Members of Coast-Tel FCU Here have voted in favor of merging into Bay Federal Credit Union.
The $20-million Coast-Tel has approximately 3,200 members and one branch. The $996-mmillion Bay Federal in Capitola, Calif., has 73,000 members and six branches. The boards of both CUs have voted in favor of the combination.
The legal merger of the credit unions will take place on Feb. 1, with the operational combination of accounts by the mid-year 2019, the credit union said. Coast-Tel will become a division of Bay Federal Credit Union and continue to serve its members as “business as usual” at its branch location, Bay FCU said.
Bay Federal Credit Union said it is committed to making the process for members as simple as possible and will be waiving membership fees for members who want to make the move in advance.
“We are very happy that our members have spoken in approval of the merger with Bay Federal Credit Union,” stated Coast-Tel Federal Credit Union President and CEO Judy Meyers. “This vote of confidence in the merger means that we have the opportunity to provide enhanced services to our membership, including wealth management and investment services, access to a wider variety of personal, home, and auto loans, and much more.”
Bay Federal Credit Union President and CEO Carrie L. Birkhofer added, “We are looking forward to welcoming Coast-Tel Federal Credit Union members into our family and expanding our branch network to better serve all of our members throughout the Salinas-Monterey area. We believe that this partnership will be mutually beneficial and provide even greater options for our collective membership. We will continue to honor Coast-Tel’s long history of service and commitment to the local community.”
Iowa Merger
Separately, in Eldora, Iowa, the $3-million ETS Credit Union said it will merge into the $168-million MEMBERS1st Community Credit Union effective Feb. 1.
“We already have a branch in Eldora and so we are looking forward to being able to offer consumers more services than they have at ETS. It will be a real win for them and for us to strengthen our presence in Eldora,” said Janet Borer, CEO of MEMBERS1st Community Credit Union, in a statement.