Fibre Federal Acquisition of TLC Creates Big Benefits

In a move that will have lasting benefits for the members and staff of both institutions, Fibre Federal Credit Union purchased the assets of TLC Federal Credit Union. The acquisition was completed on April 30, 2015.

“This is a very positive situation for both Fibre Federal and TLC,” said Fibre Federal CEO Larry Hoff. “As we blend the two credit unions, members of both institutions will benefit as we become a stronger credit union together.”

Hoff said that the acquisition was an example of the credit union philosophy of “people helping people.”

“Credit unions take care of our own,” said Hoff. “When a credit union is in trouble, the system rallies to help. Fibre Federal stepped up to serve TLC members because people helping people is at the heart of the credit union movement.”

Hoff said that Fibre Federal is a stronger credit union after the acquisition. Through the acquisition, Fibre Federal will gain 5 branches, approximately 13,000 members, and the ability to serve members in the three additional counties of Tillamook, Lincoln and Clatsop. 

“Overnight we became more diversified,” said Hoff. “We now have 14 branches in five counties, instead of nine branches in two counties. This acquisition is in lockstep with our strategic plan.”

TLC members—who hail from Oregon’s Tillamook, Lincoln, and Clatsop counties—will experience no interruption in services, as their five branches will remain open under the TLC name as a division of Fibre Federal. And when the core systems are converted, they will have access to all 14 branches.

They will also benefit from Fibre Federal’s more expansive product and service offerings. “We’ll be able to enhance all consumer lending opportunities,” said Hoff.

TLC staff will benefit, too, said Hoff. “They are really the heart and soul of that organization. They have gone through a tough time, and now they have a strong, healthy credit union to serve. They are ready to be happy, and they deserve it.”

Hoff said that current Fibre Federal members will benefit from the credit union’s stronger overall position. And, when the core conversion is finished, they will have five more locations to utilize.

“We are deeply committed to blending the two organizations,” said Hoff, “maintaining both employee and member confidence, while strengthening our combined long term financial stability and viability. We trust that the acquisition will positively impact the lives of the employees, existing members, and potential members.  Because together we’re better.”

Questions about this story? Contact James Pearson: 206.340.4790, jpearson@nwcua.org.

Posted in Federal.