December Conversion Behind It, Southwest Corporate, Northwest Corporate Complete Merger
DALLAS -- Southwest Corporate Federal Credit Union welcomed more than 200 new members as a result a seamless merger with Northwest Corporate Federal Credit Union, which took place during the Dec. 1 weekend.
Months of planning and testing led to a smooth transition, according to John Cassidy, CEO of Southwest Corporate.
"We welcome our newest members and are honored that Northwest credit unions have chosen to become a part of this growing and dynamic organization," Cassidy said.
In a letter to the former Northwest Corporate members, Cassidy wrote: "Southwest Corporate has served its members for 32 years. Although we are extremely proud of our tradition, we are most excited about what is to come. The future is indeed bright as Southwest Corporate will remain forward thinking and responsive to credit union needs."
The merger, which was announced earlier this year, will provide new and existing members of Southwest Corporate with an array of products designed to help credit unions grow and better serve their members.
Southwest Corporate will continue to operate a Northwest Regional office in Portland to provide high-touch service to members in Oregon, Washington, Idaho and Alaska. Now at $14 billion in assets, Southwest Corporate serves credit unions in 43 states.
In October, the membership of the $1.28 billion asset, Portland, Ore. based Northwest Corporate overwhelmingly voted in favor of merging with the $13 billion asset, Plano-Texas-based Southwest Corporate FCU. The Oct. 11 member vote was the last step in the merger process that formally began earlier this year. The effective date of the merger is Dec. 1, 2007.
The merger will expand Southwest Corporate's existing coast-to-coast membership base from 1,300 to 1,500 credit unions, according to Southwest Corporate. The corporate was chartered in 1975 as the nation's first regional corporate to serve the financial needs of member credit unions.
Integration services have been underway since the merger plan was announced earlier this year. A member training period was established and made available in the weeks prior to the December merger date.