SOFCU and Oregon First Work Toward Merger of Equals
SOFCU Community Credit Union and Oregon First Community Credit Union today announced their intent to merge in early 2011 pending regulatory approval and a vote of SOFCU's membership. The credit unions will operate as affiliates of First Community Credit Union under their state charter.
"This is a strategic alliance of two financially healthy credit unions joining together to create an even stronger one aligned in common purpose, vision and desired objectives," the CUs said in a release.
The merger of the $285 million SOFCU, based in Grants Pass, Ore., and the $410 million Oregon First based in Coquille, Ore., will result in a combined membership of more than 70,000.
First Community will assume the lead position on the executive team and SOFCU will assume the lead position on the board of directors.
Charla Zeltvay, president/CEO of SOFCU, and Dal King, president/CEO of Oregon First, will continue as presidents of their affiliate credit unions under the parent organization, First Community, until their official retirement date of February 2012.
David Elmer, executive vice president at Oregon First, will assume the position of president/CEO of First Community.
"It is a privilege to be asked to lead the First Community team under these circumstances," Elmer said. "We have before us a tremendous opportunity to bring together two institutions with rich legacies and shared values."
SOFCU and Oregon First will operate somewhat independently, with plans to enable members to use all of the combined 34 branches as soon as possible.
"It was important to both credit unions that no employees would be laid off; cost efficiencies will be achieved through natural attrition of executives," Zeltvay said. "We are excited about this opportunity and know that our combined organization will be even stronger and provide excellent long-term value to our membership."