Two healthy and like-size Oregon credit unions, the $145 millionWauna FCU of Clatskanie, and the $162 million St. Helens CommunityFCU are exploring a possible merger which, if approved, couldbecome effective by yearend, it was announced over the weekend.
The consolidation subject to member and regulatory approval isbeing sought for reasons related to both bank/credit unioncompetition and economies of scale, the credit unions said in anon-binding letter of intent.
“We are still in an exploratory stage to see if ourmembers agree,” stressed Michael Chapman, vice president/marketingdirector of Wauna, noting the two credit unions have for years existed withoverlapping membership.
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