Lacamas Community and iQ credit unions to consolidate this summer
No jobs are expected to be lost as a result of the merger
Wednesday, January 15, 2014
Two credit unions with locations in the Camas-Washougal area plan to combine efforts this summer.
Lacamas Community Credit Union and iQ Credit Union have announced their intentions to consolidate their individual financial institutions into a single, larger credit union.
According to a press release issued Wednesday, a team of employees from both credit unions will oversee the transition process, which will include the exploration of naming strategies for the institution.
No employee jobs are expected to be lost as a result of the consolidation.
The timing of the announcement is linked to the pending retirements of Lacamas President and Chief Executive Officer Kathleen Romane and iQ President and CEO Roger Michaelis.
A combined new board will conduct a search for a CEO to lead the larger institution. Romane plans to retire in July, and Michaelis is set to retire at the end of this year.
Lacamas Community Credit Union, founded in 1936, serves individuals and businesses in Clark and Skamania counties with more than 17,000 members, six locations and assets exceeding $195 million.
iQ Credit Union was incorporated in 1940. It has nine locations in southwest Washington, 50,000 members and more than $500 million in assets.
The combined new institution will have 15 branch locations and 240 employees, and it will be one of the largest credit unions in southwest Washington.
This information will be updated in the Jan. 21 print edition of the Camas-Washougal Post-Record.