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SECU merges with Numerica Credit Union.

The School Employees Federal Credit Union (SECU) of Tri-Cities has voted by an overwhelming majority to merge with Numerica Credit Union effective May 31.

The two credit unions will begin the process of consolidation of data systems and other records on that date. The process is expected to be completed in August.

The SECU membership approved the merger by 87 percent at a vote on May 6. The board had voted unanimously to adopt a resolution to merge with Numerica in March

Regulatory approval was also obtained from the state of Washington and the National Credit Union Administration in March.

A company press release stated that the Board of SECU believes that a consolidation with Numerica offers the ability to better serve their current 3,000 members within the Tri-Cities area. And in addition, that SECU members will benefit from the enhanced products, services, and delivery channels offered by-Numerica.

"We were very pleased that our membership supported this proposal," said President and CEO Eldon Ladd. "We believe that service to the members is of utmost importance. Numerica has an excellent reputation in the Tri-Cities area."

Numerica President and CEO, Dennis Cutter said, "We couldn't be more pleased. Our mission has always been, and will continue to be, 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."

The SECU Federal Credit Union was chartered on March 26, 1960, with 8 members and $40 in deposits and now has assets totaling $12 million.

Numerica became a part of the TriCities community in 2004 when it opened a branch in Kennewick. It now has two branches in Kennewick and Pasco to serve SECU members.

Numerica Credit Union currently has over 80,000 members throughout central and eastern Washington and northern Idaho, and has $997 million in assets. It offers a full line of financial products and services, including mortgages and business products.
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Publication:Wenatchee Business Journal
Date:Jun 1, 2010
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