SPRINGFIELD, Ore. /SPOKANE VALLEY, Wash.—The $3-billion SELCO Community Credit Union in Oregon and the $4.4-billion Numerica Credit Union in Washington said they are seeking to merge, saying they are “driven by the opportunity to do even more for their members.”
The combined organization will operate under SELCO’s Oregon charter and Springfield, Ore. headquarters, and further said that because they serve distinct geographic areas, there are no plans to consolidate branches. Numerica’s current headquarters will become the combined credit union’s secondary headquarters and house the office of the CEO.
SELCO, which has approximately 154,000 members, reported net income of $21.45 million and net worth of 12.15%, as of Sept. 30. Numerica CU, which has approximately 180,000 members, posted $31.7 million in net income and had net worth of 12.03% as of the same date.
The credit unions have created a web page here with more information.
The two CUs are approximately 470 miles apart. If approved by members, the merged CU would be the second-largest in Oregon.
‘Exciting New Chapter’
“Today marks an exciting new chapter for Numerica and SELCO,” said Numerica President and CEO Carla Cicero said in a statement. “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.”
Added SELCO CU President and CEO Bob Newcomb in a statement, “This partnership brings together two credit unions that are connected by purpose and driven by opportunity. Merging the strengths and resources of high-performing, mission-aligned organizations means we will be able to offer additional products and services, increase investments in technology and account security, and support the combined credit union’s long-term financial health.”
Expanded Resources
According to the two CUs, the merger will also expand resources for additional community giving and financial education initiatives.
“Both SELCO and Numerica have long histories of investing in our communities and helping people achieve greater financial well-being,” Newcomb added in a statement. “Together, that commitment has amounted to $7 million in sponsorships and donations, nearly 58,000 hours of volunteerism, and more than 1,500 hours of financial education over the past three years.”
The merger still requires to regulatory approval and a vote by Numerica’s membership.
Following the merger, the combined organization will operate under the Numerica Credit Union name with Cicero serving as President and CEO. Newcomb will lead SELCO through the legal integration, then retire upon its completion, concluding a career of more than 44 years in the credit union movement, the CUs said.
Legal integration is expected to be completed by early 2028, the credit unions said.
The plan is to partner to develop a shared identity that “honors both organizations’ long histories and united vision for improving the lives of their members and communities,” the organizations said.
