The $196 million Lacamas Community Credit Union in Camas, Wash., will merge with the $503 million iQ Credit Union in Vancouver, Wash., according to a joint statement released Wednesday.

The combined credit union will become one of the largest in southwest Washington with nearly $700 million in assets, more than 67,000 members, 240 employees and 15 branches. The consolidation is expected to be complete in July 2014. “This is a strategic move that will reap rewards for both our members and our employees,” said Roger Michaelis, president/CEO of iQ Credit Union. “Together, we'll be an even stronger institution with more convenient access to branches throughout the area and more efficiencies internally that will improve services to members.”

Michaelis also said he plans to retire at the end of the year, which will give time for the newly combined board of directors to search for a new CEO.

Kathleen Romane, president/CEO of Lacamas Community CU, plans to retire in July. “As part of a larger organization, all employees will have the benefit of more professional development opportunities to advance their own careers,” said Romane. “This is a tremendous opportunity for them to enhance their skills and growth potential.”

A consolidation team consisting of employees from both credit unions will oversee the transition process, which will review the integration and the expansion of other services, as well as explore naming strategies and brand for the institution.

No jobs are expected to be lost as a result of the consolidation, according to the statement.