LACEY, Wash.–Two large Pacific Northwest credit unions are reporting they have received final approval for a planned merger.
The $2.3-billion TwinStar Credit Union in Lacey, Wash., now plans to merge in the $1.8-billion Northwest Community Credit Union in Eugene, Ore., effective June 12. Plans call for the two credit unions to fully integrate their banking systems and to select a new shared name and branding by 2024.
The credit unions said the merger received regulatory approvals in February, and members of Northwest Community Credit Union approved the merger in a vote that wrapped up this week.
The combined credit union will have 36 branches in Oregon and Washington and employ more than 700 people.
The 145,000-memnber TwinStar was founded in 1938 by teachers in Olympia, Wash. The 106,000-member Northwest Community was founded in 1949 by employees of the timber company Weyerhaeuser.
TwinStar CU reported $5.028 million in net income in the first quarter, with net worth of 9.71%. Northwest Community CU reported $3.77-million in Q1 net income, with net worth of 9.9%.
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