The $196 million Lacamas Community Credit Union in Camas, Wash., will merge withthe $503 million iQ Credit Union in Vancouver, Wash., according to a jointstatement released Wednesday.

The combined credit union will become one of the largest insouthwest Washington with nearly $700 million in assets, more than67,000 members, 240 employees and 15 branches. The consolidation isexpected to be complete in July 2014. “This is a strategic movethat will reap rewards for both our members and our employees,”said RogerMichaelis, president/CEO of iQ Credit Union. “Together, we'llbe an even stronger institution with more convenient access tobranches throughout the area and more efficiencies internally thatwill improve services to members.”

Michaelis also said he plans to retire at the end of the year,which will give time for the newly combined board of directors tosearch for a new CEO.

KathleenRomane, president/CEO of Lacamas Community CU, plans to retirein July. “As part of a larger organization, all employees will havethe benefit of more professional development opportunities toadvance their own careers,” said Romane. “This is a tremendousopportunity for them to enhance their skills and growthpotential.”

A consolidation team consisting of employees from both creditunions will oversee the transition process, which will review theintegration and the expansion of other services, as well as explorenaming strategies and brand for the institution.

No jobs are expected to be lost as a result of theconsolidation, according to the statement.