Merger bolsters Northwest Community Credit Union


Portland-based Fred Meyer Employees Federal Credit Union merged with the Eugene credit union.

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Portland-based Fred Meyer Employees Federal Credit Union merged with the Eugene credit union.

The merger began “as a conversation of mutual interest with both organizations’ boards of directors under the guidance of the National Credit Union Association,” Northwest Community CEO John Iglesias said Tuesday. The focus was on improving member services and ensuring regulatory compliance, he said.

Fred Meyer credit union reported a net loss of $97,000 in 2012, net income of $7,000 in 2013 and a net loss of $1.6 million for the first six months of 2014. As of June 30, it had $39.8 million in assets.

Northwest Community, which is in the process of moving its headquarters from Springfield to downtown Eugene, reported net income of $6 million in 2012, $6.4 million in 2013, and $3.4 million in the first six months of 2014.

Read more at the Register-Guard