Two regional credit unions are merging. The deal is expected to expand the number of branches across Oregon and Washington.
Northwest Community Credit Union is headquartered in Eugene, while TwinStar Credit Union is based in Lacey, Washington. The two will be legally merged as of June 12. The new organization will serve over 245,000 members, and have 36 locations with assets surpassing $4 billion.
The merger has been about five years in the making, said John Iglesias, president and CEO of Northwest Community Credit Union.
“The reason we chose TwinStar is because the Washington state charter is pretty friendly to credit unions and they make it very convenient and efficient for us to do business in Oregon and Washington as a result,” he said.
Iglesias said in roughly a month, the two institutions will be officially merged. But there are no plans to cut staff.
“We've got more than enough work to do in the months leading up to our conversion of our core system and other ancillary technical systems to help improve our digital capability," he said. "We feel really good about the merger.”
Iglesias will serve as president of the new organization, while TwinStar’s CEO, Jeff Kennedy, will be its new CEO.
For now, Iglesias’ institution will be referred to as “Northwest Community Credit Union, a division of TwinStar Credit Union.” A new name for the merged credit unions is in progress.
