Mergers by the $900 million Kitsap Credit Union have been a rare event but the Bremerton, Wash., credit union is about to undertake its first in more than two decades, the proposed consolidation of the $47 million Quimper Community Credit Union in Port Townsend, Wash.
The transaction, said Kitsap President/CEO Elliot Gregg, is one in which Quimper, struggling to keep up with competition and declining capital, sought out Kitsap as a merger partner.
Discussions started several months ago, Gregg said.
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