A merger of Yakima, Wash., credit unions headquartered sixblocks apart – the $287 million Yakima Valley CU and the $185million Catholic CU – is headed for completion Oct. 1 followingfinal Aug. 10 member approval, it was announced Monday.
|The consolidation, firstannounced last January, would combine the two CUs into anentity whose management contends can compete more effectivelyagainst large regional banks expanding in the state.
|“Our members clearly see the value that this partnership willprovide to them and the community as a whole,” said MinaWorthington, president/CEO of the 30,400-member YVCU.
|The new name and brand of the combined CU will be revealed inmid-September, the credit unions said.
|The combined CU will be led by Worthington, the credit unionssaid. Paul Regimbal, CEO/president of 19,300-member CCU, willbe the senior vice president of corporate integration until heretires in June 2012.
|The board will consist of 13 members – seven from YVCU and sixfrom CCU with James P. Hurley serving as chairman.
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