Lacamas Members Approve Merger Into iQ

“Together, we will provide our membership more value, more branches and more access to banking services. This opportunity is the driving reason for the merger.”
—Lacamas Community Credit Union President/CEO Kathleen Romane (left) and iQ Credit Union President/CEO Roger Michaelis

The merger of Lacamas Community Credit Union into iQ Credit Union is on track to be effective July 1, following Thursday’s overwhelming vote of approval by Lacamas members.

The merger promises to make a well-established credit union presence in southern Washington even stronger. Both institutions are well capitalized. Lackmas bring assets of $196,366,000 into the merger. iQ Credit Union already has nearly 50,000 members and assets of over $500 million. The combined institution’s 240 employees will now serve 65,000 members in 15 branches.

Founded by teachers in 1940, iQ continues to embrace deep roots in local education. According to its website, “the iQ Credit Union of today stands for financial intelligence.” Membership is open to consumers who live, work or attend school in Washington.

Lacamas was founded by a group of mill workers in 1936, and was the first credit union established in Clark County. According to the credit union’s website, the mill workers’ vision was to help their colleagues “avoid borrowing money from loan sharks.” Fast forward decades later and find a modern financial institution serving members in Clark, Skamania and Cowlitz counties.

The merger, Lacamas President and CEO Kathleen Romane believes, will make service even more cutting edge for consumers. That point was driven home in a joint statement Romane issued with iQ President and CEO Roger Michaelis, “Together, we will provide our membership more value, more branches and more access to banking services. This opportunity is the driving reason for the merger.”

Continued Michaelis, “This consolidation is a positive move for the region, our members and our employees. We’ll be stronger and better able to compete in the financial services marketplace. Our employees will have new opportunities for upward movement and career growth, our members will enjoy the benefit of expanded services, and together, we’ll be better able to invest in the success of our local community.”

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

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