Washington Corporate/Northwest Corporate CU merger

TUKWILA, Wash. – Amidst some controversy, Washington CUs voted in favor of Northwest Corporate CU being the merger partner of Washington Corporate FCU. There were two controversial issues with this deal. The first was that WesCorp publicly stated its case for being the merger partner. WesCorp President/CEO Dick Johnson sent a letter to CEOs of all Washington CUs laying out the advantages of WesCorp, which included an item processing presence in the state, more affordable and diverse services, etc. The public push did not work. The second controversial issue involved one Washington CU CEO asking for Washington CUs to be given something back at the time of the merger. The case was made that since Washington CUs contributed capital throughout the corporate’s existence, they should get some of that back when it is merged into another corporate. In the end, the issue died and the merger went on in spite of the debate. The new Northwest Corporate CU now has about $1.2 billion in assets.