ST. HELENS, Ore. (7/10/12)--Two Oregon credit unions--Wauna CU and St. Helens (Ore.) Community FCU--have announced plans to begin merger discussions.
The boards of directors for both credit unions have signed a nonbinding letter of intent "to explore the benefits associated with merging" the two entities, according to a statement released by the two credit unions.
"Officials from both organizations are committed to do what is right for their membership and the communities they serve," said Robert Blumberg, president/CEO of Wauna CU, based in Clatskanie, Ore., with $143 million in assets. "Key factors to these discussions include the impact that the economy and competition has for credit unions of our asset size, plus both credit unions share a common heritage and serve local communities."
St. Helens FCU has $166 million in assets, according to the Northwest Credit Union Association (Anthem July 9).
A merger would produce greater efficiencies and support needed technology advancements, Blumberg said.