The $505 million Rivermark Community Credit Union of Beaverton, Ore. and the $7 million Portland Onized Federal Credit Union are merging effective June 1, it was announced Thursday.
The consolidation has already won approval of Portland Onized’s 550 members, the NCUA and the Oregon Division of Finance & Corporate Services.
Portland Onized lost $152,000 in 2010 and $27,000 in the first quarer but its net worth remained high at 20%.
Portland Onized was chartered in 1958 and operated as a single-sponsor CU serving more than 500 Owens-Illinois glass plant employees at a Portland facility.
Rivermark Community has eight branch locations and 59,000 members.