Two Portland, Ore.-based credit unions have announced merger plans.
Legacy Federal Credit Union and Consolidated Community FCU intend to combine, pending approval from regulators and Legacy FCU members. The combined organization will hold assets of more than $335 million and serve over 20,000 members across eight counties.
An online FAQ said the merger was the best way for both credit unions to continue meeting members’ financial needs in “the ever-changing landscape of the financial services market,” and Legacy members will gain access to a broader mix of products and services through the deal, as well as additional branch locations.
Larry Ellfritz, president and CEO of Consolidated Community, will lead the organization after the merger, and all Legacy FCU employees not planning to retire are expected to be offered positions at the combined institution. One member of the Legacy board of directors will transition to the Consolidated Community board.
“I am excited to combine the resources and expertise of both organizations to deliver products and services to our members,” Legacy FCU President and CEO Doug Mountain said in a news announcement from the Northwest Credit Union Association. “I have tremendous respect for the Consolidated leadership team and I look forward to seeing what our combined organization can achieve together.”
Mountain plans to retire once the merger is completed.
The deal is expected to close mid-year. No decision has yet been made regarding whether Legacy FCU will assume the Consolidated Community brand or whether a rebrand of both institutions will be needed.
Legacy FCU earned nearly $263,000 last year, according to call report data from the National Credit Union Administration, down from more than $580,000 the year before as lending contracted and allowances for credit losses rose by 33%.
Consolidated Community’s call reports show earnings of $3.2 million last year, down from about $3.4 million in 2019.
