The $505 million Rivermark Community Credit Union of Beaverton,Ore. and the $7 million Portland Onized Federal Credit Union aremerging effective June 1, it was announced Thursday.
|The consolidation has already won approval of Portland Onized’s550 members, the NCUA and the Oregon Division of Finance &Corporate Services.
|Portland Onized lost $152,000 in 2010 and $27,000 in the firstquarer but its net worth remained high at 20%.
|Portland Onized was chartered in 1958 and operated as asingle-sponsor CU serving more than 500 Owens-Illinois glass plantemployees at a Portland facility.
|Rivermark Community has eight branch locations and 59,000members.
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