Oregon Merger Collapse Due to Sudden CEO Retirement
The collapse of an Oregon merger deal can be blamed on the unexpected.
In the case of the $661 million Northwest Community Credit Union of Springfield merging with the $148 million Mid Oregon Credit Union of Bend, the unexpected turned out to be the retirement of former Northwest CEO Helen Byrnes.
“We had made our plans to work with Helen in charting our merger, but all of a sudden everything is up in the air and they are looking for a new CEO,” explained William Anderson, the president/CEO of Mid Oregon.
The merger was announced in October 2010, but the Northwest search for a new CEO put a damper on the deal, said Anderson. In June Northwest hired John Iglesias, the former president/CEO of Salal CU of Seattle.