For the first time in more than a decade, Oregon’s seat on the FHLB Board of Directors will be occupied by a credit union representative. OnPoint’s Rob Stuart joins BECU’s Benson Porter on the board in January.
The merger, the first voluntary merger in the history of the FHLB system, closed on May 31.
The combined bank will be the largest in the FHLBank system, serving nearly 1,500 financial institutions.
The merger has been approved by the two banks’ boards, and will now be submitted to the regulator and the members.