The $50 million Oregon Territory FCU of Salem will merge with $439 million Rivermark Community Credit Union of Beaverton, Ore., the surviving CU announced today.
Rivermark officials stressed that both CUs are well-capitalized and in healthy condition but the merger phenomenon "will become more prevalent, as smaller credit unions grapple with rising costs, increased competition and member service demands."
Oregon Territory's president/CEO, James Eberle, said it sought out the merger with Rivermark to provide its 8,000 members "more branches, expanded hours and a wider range of financial products."
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For its part, Scott Burgess, president/CEO of the 47,500-member Rivermark, said the merger effective Aug. 1 "represents the 11th and largest merger in our 58-year history" and will allow field of membership expansion into 11 Oregon counties including Marion where Oregon Territory is located.
"And because Oregon Territory has been so well managed with a strong financial and capital position entering the merger, there really are no downsides," said Burgess. Oregon Territory had a $270,000 profit in 2008 but lost more than $450,000 in the first quarter including the $296,000 corporate stabilization expense.
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