TwinStar Credit Union in Lacey, Washington, and Northwest Community Credit Union in Eugene, Oregon, are preparing to combine.
The $2.2 billion-asset TwinStar revealed that its mix with the $1.8 billion-asset NWCU would produce a network of 36 branches throughout both states dealing with over 245,000 members. The offer is anticipated to close at some point in 2023, pending regulative approval and an affirmative vote from members of NWCU.
“People have asked, and are going to continue to ask us, why merge … To be frank, it goes beyond just one reason,” Jeff Kennedy, president of TwinStar, stated in a news release on July 15. “Ultimately, however, we are pursuing this merger because we believe we can provide more member, employee and community value together and we’ve found a great partnership.”
Upon finalizing the deal, Kennedy would become the CEO of the combined institution and John D. Iglesias, president and CEO of NWCU, would be its president. Physical locations of the newly-formed organization would operate under the names of “Northwest Community Credit Union Branch” or “TwinStar Credit Union Branch” until a new name is chosen.
“My hope is that as the merger process continues, our members, employees and the communities we serve are excited about the additional opportunities this partnership would allow us to provide those we serve … We put thoughtful care, consideration and months of due diligence into this to ensure a merger with TwinStar made sense, and at every step, it has,” Iglesias stated in the release. “The vision for the future of both cooperative credit union’ boards of directors is 100% lined up.”