A merger of Yakima, Wash., credit unions headquartered six blocks apart – the $287 million Yakima Valley CU and the $185 million Catholic CU – is headed for completion Oct. 1 following final Aug. 10 member approval, it was announced Monday.
The consolidation, first announced last January, would combine the two CUs into an entity whose management contends can compete more effectively against large regional banks expanding in the state.
“Our members clearly see the value that this partnership will provide to them and the community as a whole,” said Mina Worthington, president/CEO of the 30,400-member YVCU.
The new name and brand of the combined CU will be revealed in mid-September, the credit unions said.
The combined CU will be led by Worthington, the credit unions said. Paul Regimbal, CEO/president of 19,300-member CCU, will be the senior vice president of corporate integration until he retires in June 2012.
The board will consist of 13 members – seven from YVCU and six from CCU with James P. Hurley serving as chairman.