The $46 million Quimper Community Federal Credit Union in Port Townsend, Wash., has merged into the $903 million Kitsap Credit Union in Bremerton, Wash.
Of the 5,500 Quimper Federal Community CU members, 893 members voted on the merger question at a special meeting Friday evening. According to Leah Olson, vice president of marketing for Kitsap CU, 832 Quimper Federal Community CU members voted in favor of the merger and 61 members voted against it.
The financial merger of the credit unions is expected to occur Nov. 1, which will officially consolidate the financials for both organizations, and Quimper Community FCU members will become members of Kitsap CU. The combined assets of the credit unions will total $950 million with 90,500 members, 329 employees and 20 branches.
“Thank you for voting yes and giving us the best opportunity to maintain a local, healthy credit union,” said Debbie Greenspane, CEO/president of Quimper Community CU, in an open letter to members on the credit union's website.
Greenspane has agreed to stay on as a regional manager, Olson said.
Negotiations began earlier this year when Quimper, struggling to keep up with competition and declining capital, approached Kitsap President/CEO Elliot Gregg about a merger.
Olson said all of Quimper Community's 16 employees have accepted positions with Kitsap and Quimper's two branches will remain open.
“That was one of the major negotiation points with Quimper's board. It was very, very important that their employees were taken care of,” said Olson. “And we agreed. We wanted to make sure that Quimper members would keep working with the same friendly faces they were used to working with every day. So we wanted to maintain that local consistency as much as we could. And thankfully, the Quimper employees all accepted a job with us.”
Additionally, one Quimper Community FCU board member will join the Kitsap CU board of directors, and one Quimper Community FCU supervisory committee member will serve on the Kitsap CU supervisory committee.
“We are excited to welcome Quimper Community Federal Credit Union members to Kitsap Credit Union family,” said Gregg in a prepared statement to Quimper members. “Thank you for your trust and confidence in us.”
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