Two Pacific Northwest credit unions are merging. The move spells the sunset of a familiar name for Oregon banking customers.
SELCO Community Credit Union was formed in 1936. But once the Springfield-based institution completes its merger with Numerica Credit Union in a couple years, that name will disappear.
“Of the two, the name ‘Numerica’ seemed to play better on this bigger stage that we’ll be operating on in Oregon, Washington and Idaho,” said Bob Newcomb, CEO and president of SELCO. He told KLCC that this merger is a merger of equals, and the name is not the brand but rather the experience people have.
According to a joint release between the two credit unions, this merger will result in the second-largest credit union by asset size in Oregon, and altogether there will be 38 branch offices with nearly $8 billion in assets.
Newcomb has been involved with credit unions for 44 years, and will see this merger through its legal integration, which is expected to happen in 2028. Then, he plans to retire. He said it’ll be a good note for him to end on.
“I've accomplished what I've set out to do, and I'm very proud of what our associates and our credit union had delivered for our members in our communities,” he said.
Newcomb doesn’t expect to see any layoffs from the merger, and the joint release said because SELCO and Numerica serve distinct geographic areas, there won’t be any plans to consolidate branches.
Once finalized, Numerica’s CEO, Carla Cicero, will helm the newly-formed credit union that will serve 325,000 members. Numerica’s current headquarters in Spokane Valley, Washington will become its secondary headquarters.
“Today marks an exciting new chapter for Numerica and SELCO,” Cicero said in the release. “For nearly 90 years, Numerica has lived our core purpose of enhancing lives, fulfilling dreams, and building communities. SELCO shares that mission, making this a natural partnership founded on common purpose and a commitment to growing with our members’ needs.”
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