Legacy Federal Credit Union to Merge With Consolidated Community Credit Union
Once approved, the combined Portland-based organization will serve 20,000 members in eight counties.
Legacy Federal Credit Union, headquartered in Portland, Oregon, announced plans to merge with Consolidated Community Credit Union, also headquartered in Portland.
Pending regulatory and member approval, the expanded organization will have combined assets of $335 million while serving nearly 20,000 members in Multnomah, Washington, Clackamas, Clark, Hood River, Klickitat, Columbia, and Yamhill counties.
As the competitive landscape in financial services continues to change markets across Oregon, the Directors and leadership teams of both credit unions sought to create greater value for their combined members, employees, and communities. Both Legacy and Consolidated have demonstrated continued financial strength and success as independent organizations.
“This is a very exciting time for our credit union and our membership,” said Doug Mountain, Legacy’s President and CEO. “We really liked the support of a larger organization while maintaining the personal service of a local credit union. We have a long history of being a very successful credit union and we owe it to our members to continue to build on this strong foundation to ensure that we remain a viable institution for generations to come.”
Legacy and Consolidated have an established relationship working together. Consolidated has been assisting Legacy and its members with residential real estate loans for the past seven years. Based on this experience and having a shared set of values that prioritizes integrity, Consolidated is an ideal partner.
“The Board was committed to finding a partner that valued Legacy’s history and wanted to build on the credit union’s success,” said Mark Lee, Legacy’s Board Chairman.
Larry Ellifritz, the current President and CEO of Consolidated, will become the President and CEO of the combined organization. One member of Legacy’s current Board of Directors will transition to the ongoing Board, and all Legacy employees will be retained.
“We are excited to expand our partnership with Legacy and to broaden our services to the Legacy family,” said Ellifritz. “Doug and his team have built a great brand, and we are very honored to be working with them.”
Mountain enthusiastically echoes this sentiment.
“I am excited to combine the resources and expertise of both organizations to deliver products and services to our members,” he said. “I have tremendous respect for the Consolidated leadership team, and I look forward to seeing what our combined organization can achieve together.”
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