KLAMATH FALLS, Ore.–Two Oregon credit unions have announced plans to merge.
The $59.3-million Klamath Public Employees FCU and the $276.6-million Pacific Crest said their boards have approved the combination and the merger proposal will now go to members of KPEFCU for a vote.
“Credit unions are member owned cooperatives, and we exist to serve our members. Joining forces is a step forward for our members and our region. As the only two financial institutions headquartered in Klamath County, this strategic partnership will allow us to better serve the needs of the Klamath Basin and surrounding area,” Chad Olney, CEO of Pacific Crest FCU, said in a statement. “Our two credit unions already enjoy a cooperative relationship and a common culture, wholeheartedly embracing the credit union philosophy of people helping people.”
KPEFCU cited an expansion of services as a reason for the merger.
“This merger is about doing what is best for our members, and assuring that our region continues to have local decisions made by local people who live and work here,” said KPEFCU CEO Kevin Dearing. “Our members will continue to be able to walk in and talk with people they know and trust.”
Inside the Numbers
Pacific Crest has approximately 19,120 members and reported net income of $501,656 at mid-year, with capital at 7.06%. Klamath Public Employees, which has approximately 5,218 members, posted $172,262 in net income and capital of 8.79 as of June 30.
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