The $723 million Northwest Community Federal Credit Union of Springfield, Ore., is merging the $24 million UFCW Northwest FCU in Portland, Ore.
The 73,000-member Northwest Community began operating UFCW Northwest's branch on Stark Street in Portland and retained the staff, the credit union said, and membership accounts will transition on Sept. 15.
The merger was approved by voting members of the 3,500-member UFCW Northwest on July 23, Northwest Community said.
Along with Northwest Community's 16-branch network, the new members will be offered a full service mortgage department offering first time buyers' programs, auto loans on location at participating dealerships, a broader package of deposit account offerings, and enhanced consumer loan products.
“The UFCW Northwest Federal Credit Union board noted a difficult economy had compounded the need to strengthen the organization to serve its membership's needs,” Northwest Community CU added in a statement.
“We'd been considering the opportunity to merge with UFCW Northwest Federal Credit Union for some time. After months of careful planning, this merger allows us to strengthen our position through growth and increased efficiency,” Northwest Community President/CEO John Iglesias said in the statement.
UFCW Northwest FCU CEO Trisha Baker, said, “By combining our credit unions, we are providing our members with access to a partner with the resources to enable members to equip themselves for navigating the ever-changing financial services arena.”
The merger is the second of a United Food & Commercial Workers union-connected credit union announced in recent weeks. The $4.7 billion Bethpage FCU on Long Island in New York expects to complete its takeover of the $5 million UFCW Local 342 FCU of Mineola, N.Y., on Sept. 1.
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