With an August target date, two Seattle credit unions, the $228 million Prevail Credit Union and the ailing $32 million Transportation Northwest CU, are preparing to merge, creating a combined CU with a footprint in three metro counties: King, Pierce and Snohobish.
Under a preliminary agreement subject to approval of regulators and members, Transportation Northwest will retain its name as a division of Prevail, which once consolidated. will have 22,500 members and 10 branches.
Transportation had large losses in its real estate portfolio in 2009 and a 14% delinquency rate and approached Prevail as a potential partner last February, said Thomas Graves, president/CEO of Prevail.
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