By AMBER SCHLENKER

Yakima—The Boards at Catholic Credit Union (CCU) and Yakima Valley Credit Union (YVCU) began exploring the benefits of a merger between the two organizations, marking the first formal step in the merger process. 

Both credit unions have determined the merger will create additional value for members of their respective organizations.  

“Catholic and Yakima Valley have shared the market for a number of years,” President/CEO of Catholic CU, Paul Regimbal, said. “We have worked together on bettering the lives of people in our communities and share many of the same members, which is why a merger presents a lot of opportunity for both organizations.”

CCU and YVCU are independently strong, federally insured, and well-capitalized credit unions in excellent financial condition. The combined credit union would continue to offer a comprehensive product line including but not limited to checking accounts, savings accounts, auto loans, mortgage loans, small business loans, and investment services.  

“This synergetic partnership creates a terrific opportunity to better serve our members while providing additional opportunities for our employees,” said Mina Worthington, President/CEO of Yakima Valley CU.

“While there is still some due diligence ahead, our analysis thus far is suggesting that a merger would greatly enhance the capabilities of the combined entity moving forward,” she added. 

After the merger Worthington will take the realm of President and CEO for the combined credit union. While Regimbal will “take another position while looking at retirement in the near future,” he said. 

The combined credit union would have approximately $460 million in assets, employ approximately 150 local residents, and service the needs of close to 50,000 members through its 8 full service branch locations. A final decision to move forward on the merger is contingent upon a member vote and regulatory approval, and that is expected by mid-2011.Regulators only require one of the institutions to vote. Yakima Valley Credit Union, currently holding more members will send out ballots in the near future. 

“The ballot has to be worded a certain way, but members will be asked their vote to merge or not,” Regimbal said. 

Worthington added at both recent membership meetings there was a large positive response. About Catholic Credit Union

Catholic Credit Union was founded in 1951 to serve the needs of the Catholic community in Yakima County, WA.  In May 1992, CCU merged with Catholic Credit Union of Kittitas County.  As a result of their success, the field of membership today includes anyone who resides in the State of Washington.   Catholic Credit Union has more than $185 million in assets and promotes a variety of affordable financial services to over 18,000 members. 

About Yakima Valley Credit Union

Yakima Valley Credit Union first opened its doors in 1939 as the Fireman’s Credit Union but changed to the Yakima City and County Employees Credit Union in 1960 to allow all city and county employees to join. By 1985, credit union eligibility included all employer groups in Yakima and Kittitas Counties, and the name was changed to Yakima Valley Credit Union. Today, Yakima Valley Credit Union has more than $280 million in assets and services the needs of more than 30,000 members. Anyone who resides in the State of Washington is eligible for membership.

What will happen to my account? 

The larger of concerns is whether anything will change for a customer’s account. 

“We’ve got a number of comments from members concerned about their accounts and our current staff’s positions,” Regimbal said. 

The two want to assure members that nothing will change for the worse. The merger will merely allow more convienence for members with more locations. 

“Catholic Credit Union has many members in Toppenish; we [YVCU] have a branch down there, and they don’t,” Worthington said. 

In addition the two credit unions do not plan on layoffs or adding any other personnel. 

“We aren’t going to lay-off anyone, we are staying the same simply making it more convenient for our current members to do more,” Regimbal said. 

The two say they have most of the same features but a few that the other does not have. 

“The merger will allow our members to have more features at their disposal but with the same locations and service they are used to,” he added. 

What’s in a name? 

The merger will also allow for a name change for the combined credit union. Administration for  the two are unsure at this point what the name will be. 

“We have no clue at this point but will be sure to keep our members updated,” Regimbal said. 

On the road ahead

The next step in the merger process is the regulators stamp of approval. 

Then the vote will go out. Worthington and Regimbal said if all goes as planned the merger should be set in stone; a new name, a new operating system, new checks and debit cards and all that goes with the merger by the end of the year.