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CU System
School ECU votes to merge with Numerica CU
RICHLAND, Wash. (5/18/10)--Members of School Employees FCU (SECU), based in Richland, Wash., approved a plan to merge with Spokane Valley, Wash.-based Numerica CU. Eighty-seven percent of members voting at a special meeting May 6 approved the the merger. SECU obtained regulatory approval in March for the merger from state regulators and the National Credit Union Administration. "We believe that service to the members is of utmost importance," said Eldon Ladd, CEO of SECU, expressing that the credit union was pleased the membership supported the proposal. Dennis Cutter, president/CEO of Numerica, noted the credit union aims to "provide the best financial products and services to our members, and we are thrilled to have the opportunity to expand that to the SECU members." SECU, which was founded in 1960, has assets totaling $12 million and 3,000 members within the Tri-Cities area. Its members will benefit from the enhanced products, services and delivery channels offered by the $997 million asset Numerica, said SECU. Numerica was founded in 1937 and has 80,000 members in Central and Eastern Washington and Northern Idaho. It became a part of the Tri-Cities community in 2004, when it opened a branch in Kennewick. It now has two branches in Kennewick and Pasco that SECU members can use. The merger will be effective May 31, at which time the credit unions will being the process of consolidating their data systems and other records. They expect the merger will be completed in August.


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