MEDFORD, Ore.–Two Oregon credit unions have announced plans to merge.
The $1.7-bilion Rogue Credit Union said it will absorb via a merger the $156-million Melheur Credit Union in Ontario, Ore.
According to Rogue CU’s website, there is “still significant due diligence to be done, agreements to establish, regulatory approval to be granted, and an official approval by Malheur members through a membership vote that will need to take place for this to become official.”
Rogue CU said Malheur FCU, founded as a teachers credit union in 1957, decided that “it is in the best long-term interest of their staff and members to seek a merger partner. Malheur has been very successful and is in a strong financial position. This allowed Malheur to have several merger partner options.”
RCU said Malheur put out Requests for Proposals to area credit unions as it sought a merger partner. Rogue CU said it completed its RFP in April. The two CUs have since signed a letter of intent to merge.
Rogue has more than 20 branches located across Southern Oregon; Malheur has five branches located in Eastern Oregon and Western Idaho.
The credit unions said no layoffs are planned.
The combined CU will have approximately 160,000 members.