SELCO, Greater Oregon Announce Merger Plans

SELCO Community Credit Union has announced plans for a merger with Greater Oregon Federal Credit Union (GOFCU). The official merger is scheduled to be complete by July 1, with operational integration to be completed in the first quarter of 2014.

SELCO, with over $1 billion in assets and nearly 90,000 members, is the third largest Oregon-based credit union. The Eugene, Ore. credit union was founded in 1936 when local schoolteachers and education system employees pooled their funds in a shoebox to make loans available to each other. Today SELCO serves members in 26 counties.

SELCO’s leadership team has successfully executed 13 mergers.

“The GOFCU Board of Directors had a lot of confidence in SELCO’s history of professional merger experience,” said Ann Lessar, GOFCU Board Chair. “We appreciated SELCO’s sensitivity to the member impact, cultural and technical aspects of credit union mergers.”

Greater Oregon Federal was first chartered in 1940 as Hines Employees Federal Credit Union. Its field of membership currently serves members in six counties, is headquartered in Burns, Ore. and has branches in Christmas Valley and Vale. The credit union has $33.3 million in assets.

“We are pleased to welcome Greater Oregon members to the SELCO family,” said Bob Newcomb, SELCO’s CEO. “We look forward to building positive and long-lasting relationships with the residents and businesses of these Eastern Oregon Communities.”

The merger of GOFCU into SELCO will open member access to a total of 18 branches throughout Oregon.

 

Questions? Contact Lynn Heider: 503.350.2225, lheider@nwcua.org.

 

 

Posted in CU4Kids, Federal, NWCUA.