PORTLAND, Ore. — Member credit unions of $1 billion Northwest Corporate Credit Union have overwhelmingly approved the merger with $32 billion Southwest Corporate Credit Union.
"The membership made an excellent choice….Southwest Corporate brings an array of competitive products and services that will add benefit to credit unions here and allow them to serve their members well," said Northwest Corporate CEO Kathy Garner. The merger goes into effect on Dec. 1.
One interesting aspect of this deal is $1 million in donations will be made to the credit union foundations in Oregon and Washington. This is not a capital distribution, but donation. How capital is handled in corporate CU mergers will be the focus in the VolCorp/WesCorp merger. In that deal, WesCorp has pledged to pay out capital to VolCorp members. There has been some speculation that that aspect is causing concern for NCUA. It is scheduled to be in front of the board this month.
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