Northwest Corporate/Southwest Corporate Merger Could Close in November
PORTLAND, Ore. -- The merger package for the proposed merger between the $12.3 billion Southwest Corporate, Dallas, and the $1.1 billion Northwest Corporate, Portland, Ore., arrived at NCUA a few weeks ago.
If all goes well, the NCUA Board will consider the merger at its September board meeting, said Northwest Corporate CEO Kathy Garner.
Garner said Oregon credit unions are reacting positively to the move. "We did a series of five member receptions in May in Oregon and Washington with our board members along with senior management at Southwest. Any questions were more about what's going to change, versus why," said Garner.
She noted that members are pleased the Oregon office will stay in place, staffed with about 20 employees, with Garner heading the operation.
Garner said if the merger is approved by NCUA in September, the corporates expect to close the merger on Nov. 30.