BY PEPPER FISHER
Port Angeles – Strait View Credit Union, established in 1939 in Port Angeles, has announced a proposed merger with Great NorthWest Credit Union, headquartered in Aberdeen.
There’s a lot about the proposed merger that appears to be a good fit. Both began as credit unions for millworkers in the heyday of those industries in western Washington. Both have weathered the storms of changing economies and managed to keep that small town feel, identity and values.
Great NorthWest has grown more than Strait View over the years. The credit union now has 5 branches with over 18,000 members, 67 employees, and about $250 million in assets.
Strait View has one branch with over 7,000 members, 13 employees and about $100 million in assets.
The proposed merger still must get regulatory and membership approval, but both Boards of Directors have unanimously approved moving forward, and the credit unions have begun the formal review and approval process required by state and federal regulators.
Strait View CEO Lisa Roening told KONP that the tentative vote among its members will probably be sometime in the middle of next year. If approved, she said local members won’t likely see any changes overnight. The name will stay the same and they’ll still have the same employees.
She said the merger will not affect anyone’s accounts or funds, and the credit unions are not changing ownership. All current members will retain their membership while enhancing access to new products and services.
And finally, like all credit unions, Great NorthWest and Strait View are and always will be owned by their members.