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News Now

CU System
Oregon and Wash. CU Foundations to merge
FEDERAL WAY, Wash. (4/13/11)--The boards of directors of the Oregon Credit Union Foundation (OCUF) and the Washington Credit Union Foundation (WCUF) have signed a letter of intent to merge. In the April 1 letter, the two groups state their intent to “proceed in mutual good faith to continue discussions and complete work required to consummate the proposed merger.” The foundations will continue their regular support--including scholarship, grants and landmark programs such as the Credit Unions for Kids program--of credit unions in the two states. The combined foundations would have $2.5 million in reserves and a goal of improving operational efficiencies and expanding their reach, said the two board chairs, Carlyn Roy of OCUF and Paula Slaye of WCUF. This is the second merger this year involving credit union agencies in Oregon and Washington. The memberships of the Credit Union Association of Oregon and the Washington Credit Union League voted “overwhelmingly” in early November to create the combined Northwest Credit Union Association (NWCUA), which began operations on Jan. 1 (News Now Nov. 12). Operational priorities for the new NWCUA are focused on government affairs, regulatory relief and compliance services. During months of merger discussions, which included the formation of committees and conversations with the membership, both trade associations united in identifying objectives and strategies for the NWCUA.


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