The Department of Financial Institutions and the National Credit Union Association (NCUA) have approved the merger application for Catholic Credit Union (CCU) and Yakima Valley Credit Union (YVCU).   The members of Yakima Valley Credit Union will now vote on the pending merger and will be encouraged to vote yes for the benefits this merger will bring.  Members can expect to receive their voter’s packet in the mail in mid-July.  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,” said Paul Regimbal, President/CEO of Catholic CU. “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 have approximately $471 million in assets and service the needs of close to 50,000 members.  Members will have access to eight full service branches, more ATMs, enhanced technology with home banking and mobile banking, better pricing and better rates and the same level of professional and friendly service.  The new credit union will retain all employees of both credit unions which will employ approximately 150 residents.  A Board of Directors will be formed of seven YVCU members and six CCU members and the chairman will be CCU’s current chairman.

“Approval by our regulators is further validation that this partnership creates a better organization to serve our members,” said Mina Worthington, President/CEO of Yakima Valley CU.