Yakima Valley Credit Union Membership Approves Merger with Catholic Credit Union
Two Washington credit unions will join forces this fall, as Yakima Valley Credit Union and Catholic Credit Union announced a merger, effective Oct. 1, 2011.
August 23, 2011
Two Washington credit unions will join forces this fall, as Yakima Valley Credit Union (YVCU) announced that its membership has approved a merger with Catholic Credit Union (CCU), effective Oct. 1, 2011.
In a unanimous vote in January 2011, YVCU’s board adopted a resolution to merge with CCU. After the credit unions received final regulatory approval from the state of Washington and the National Credit Union Administration in July, the issue was then put to a vote of YVCU membership. The merger was finalized at a special meeting on Aug. 10, 2011.
The merger will give members access to greater resources, including more branches and ATMs, better rates and pricing, and enhanced technology. With combined membership totaling more than 48,000, the integrated credit unions will also operate under a new name and brand, which is set to be revealed in mid-September.
“Our members clearly see the value that this partnership will provide to them and the community as a whole,” said YVCU President/CEO Mina Worthington.
Worthington will helm the new credit union as well, continuing to serve as President/CEO. Paul Regimbal, the current CEO/President of CCU, will take on the title of Senior Vice President of Corporate Integration until his retirement in June 2012.
“The approval of the merger by the YVCU membership will prove to have a positive effect on the current membership of both credit unions, and for the future members of the new organization,” Regimbal said.
The credit union’s board will be made up of 13 members, including seven from YVCU and six from CCU. James P. Hurley, CCU’s current board president, will serve as chairman.
YVCU was originally founded in 1939 as the Fireman’s Credit Union, but it expanded to become the Yakima City and County Employees Credit Union in 1960, allowing all city and county employees to join. The YVCU moniker was adopted 25 years later, as membership eligibility expanded again, this time to include all employer groups in Yakima and Kittitas Counties. YVCU membership is now open to anyone who resides in Washington, and the credit union has more than $287 million in assets and serves more than 30,000 members.
CCU opened in 1951 to specifically serve Yakima County’s Catholic community, and the credit union merged with Catholic Credit Union of Kittitas County. Like YVCU, CCU’s membership has expanded to include anyone who resides in Washington. CCU now boasts more than 18,000 members and more than $185 million in assets.
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