Northwest Community Credit Union of Springfield, Ore., has announced the completion of its merger with Coos Educators Federal Credit Union in Coos Bay, Ore. The credit union's lone office on Fourth Street in Coos Bay began operating as Northwest Community Credit Union on March 16.
Following four months of study by the Northwest Community and Coos Educators Federal Credit Union board of directors, the membership voted to approve the merger last December Employees of Coos Educators FCU were retained. Northwest Community has provided management support for the credit union since December 2012.
"Northwest Community merger activity begins as a conversation of mutual interest with both organizations' boards of directors under the guidance of the National Credit Union Association," said Northwest Community President/CEO John Iglesias. "The focus is on improving member services and ensuring regulatory compliance."
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"Northwest Community is pleased to be uniquely positioned to bring our financial strengths to partner with and help other credit unions," Iglesias added.
"We chose to pursue a potential merger with Northwest Community Credit Union as a way to strengthen our organization during a challenging economy, and to ensure continued service of excellence for our members," said former Coos Educators FCU Board Chair Chuck Inman. "We chose Northwest Community Credit Union because of its long history of caring about the local communities they serve, and their successful track record as a stable organization."
Northwest Community has grown to serve a membership of 80,500 with employment base extending to many types of industry and community. It had $763 million in assets at year-end 2012.
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