The $997 million Numerica Credit Union of Spokane, Wash.. was scheduled to complete by the end of May a merger of the long-ailing $12 million School Employees FCU of Richland.
The consolidation had been sought by the 3,000-member SEFCU last year after “more than a year of a financial struggle” and the search for a suitable partner, said Dennis Cutter, president/CEO of Numerica.
Numerica has no plans to scout other CUs of School Employees size as merger candidates, “but we always stand ready for opportunities where there is a good match and there was one with School Employees.” The merger had been approved by SEFCU members May 4.
He said economic conditions in Washington State remain “about the same as they have been” and as a CU manager, “like others we are holding our breath waiting to see what hits us,” in a reference to new NCUA corporate assessments.
School Employees, founded in 1960 and with one office, serves the Tri Cities area of central Washington state.