Merger of Pacific Crest FCU and Klamath Public Employees FCU announced
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“Our two Credit Unions already enjoy a cooperative relationship and a common culture, wholeheartedly embracing the credit union philosophy of people helping people”
KLAMATH FALLS, Ore. - The boards of Pacific Crest Federal Credit Union and Klamath Public Employees Federal Credit Union have recently voted on resolutions of intent to merge.
“Credit Unions are member-owned cooperatives, and we exist to serve our members. Joining forces is a step forward for our members and our region. As the only two financial institutions headquartered in Klamath County, this strategic partnership will allow us to better serve the needs of the Klamath Basin and surrounding area,” said Chad Olney, CEO of Pacific Crest FCU. “Our two Credit Unions already enjoy a cooperative relationship and a common culture, wholeheartedly embracing the credit union philosophy of people helping people.”
The merger will be subject to a lengthy regulatory process that includes a vote by the membership of KPEFCU. Due to this process, it is expected to take several months until the merger is completed.
Under the planned merger, members of both credit unions will benefit from an anticipated expansion of services and an expanded number of branch locations with the branches of both organizations remaining open after the merger. Kevin Dearing, Klamath Public’s CEO pointed out “This merger is about doing what is best for our members, and assuring that our region continues to have local decisions made by local people who live and work here. Our members will continue to be able to walk in and talk with people they know and trust.”
Pacific Crest FCU serves 19,000 members in Klamath, Lake, Modoc, and Siskiyou Counties and currently holds $250 million in assets. Klamath Public Employees FCU serves 5,000 members in Klamath and Lake Counties and currently holds $60 million in assets.