Oregon Merger to Impact Husband, Wife CU CEOs
MILWAUKIE, Ore. - Electra Central Credit Union and Portland-based Pace Credit Union have announced plans to merge that will see a combined membership base of 35,000 members and assets of nearly $530 million. The merger, scheduled to be complete by October 2005, makes more financial sense than building new branches, a costly move that would likely have to be passed down to members, said Lou Bruneau, Pace CU's chairman. Ron Barrick, current CEO of Pace CU, will serve as the new entity's CEO while his wife, Cindy Barrick, current CEO of Electra Central CU will serve as transition team leader for the merger. According to an Electra spokesman, Cindy will serve in the new role until all the integration complexities have been worked out.