DUPONT, Wash.–Two more Washington State credit unions have announced plans to merge. The $110-million Community 1st Credit Union here said it will merge with the $38-million Generations Credit Union in Olympia, Wash.
Members of Generations CU–one of six credit unions in the United States that use the word “Generations” in their names–have voted in favor of the combination. The combined entity will be known as Community 1st Credit Union.
“We are excited about the opportunities this brings to both organizations,” said Bill Paulen, CEO of Community 1st Credit Union. “The Generations team is dedicated to the success of the new, combined organization. Together with the additional resources available at Community 1st and its energized team, we see this merger as an excellent match.”
CEO Formerly Led Other CU
Prior to joining Community 1st, Paulen served as CEO at Generations and led its financial turnaround from 2014-2017, the credit union said. In a statement, the credit union said his “experience with each organization gave confidence to the board of directors at both credit unions that this merger best serves their members.”
“Members will continue to be helped by the same great people, providing the same great service that both credit unions are known for,” continued Paulen. “Members want great experiences when interacting with their financial institution. Our mission is to meet and exceed their expectations.”
When the merger is complete, Community 1st will serve approximately 12,000 members with six branches.
As CUToday.info reported here, two other Washington State CUs earlier this week announced plans to form a $3-billion credit union.