Oregon has another credit union merger in the works, which if approved would create the state's fifth largest credit union.

The $650 million Northwest Community CU of Eugene said it has signed a letter of intent with the $140 million Mid Oregon FCU of Bend to explore a consolidation once it is approved by members and regulators that could cover an area encompassing metro Portland and central Oregon. The target date to complete the merger is next June, officials said.

Both CUs, it was emphasized, are financially healthy, with Northwest holding net worth of 8.93% and Mid Oregon at 9.6%.

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