REDDING, Calif.–Two West Coast credit unions said they are looking to combine in a deal that crosses state lines.
The $340.7-million Members 1st Credit Union in Redding, Calif. and the $3.6-billion Rogue Credit Union in Medford, Ore. said they are looking to merge. The two credit unions are approximately 150 miles apart.
“Both got their start serving state employees–highway workers and teachers–and share a longstanding tradition of community support,” the credit unions said in a statement. “It’s even true that in their early days both credit unions operated out of a desk drawer. One desk was in the local Department of Transportation office, the other at a local school. Both credit unions have enjoyed considerable growth since and now look toward the future in natural partnership.”
About the Credit Unions
Members 1st, which has approximately 24,000 members, had $3.3 million in net income to go with net worth of 10.04% at year-end 2024. Rogue CU, which has 212,500 members, had $24.3 million in net income and net worth of 9.73% as of the same date.
Pending approval from NCUA and state regulators in California and Oregon, the combined $4 billion credit union will have of 28 full-service branches. If approved by members, the merger is expected to be completed in 2026.
The credit unions said they are committed to maintaining all service locations and employment for all staff.
“We are excited about this opportunity to partner with one of the top-performing credit unions in the nation,” Members 1st CU Board Chair Ken Reed said in a statement. “This will give our members more choices and improved benefits of membership. Rogue is deeply committed to the communities they serve and will retain the same level of dedication to the Members 1st communities.”
‘Beyond Excited’
Added Matt Stephenson, president and CEO or Rogue CU, in a statement, “We are beyond excited to be able to embark on this journey with a trusted partner. This partnership will allow us to provide a greater opportunity to serve more members, offering expanded resources and enhanced services – all while preserving the local, hometown feel that members value.”
