The Northwest Community Credit Union Board of Directors would like to thank you for being a member.
We appreciate the support and trust you have in us. As your board of directors, we are committed to the credit union cooperative philosophy of “people helping people.”
Our primary responsibility is to make decisions based on what is good for our members. Decisions we make are first filtered through the question; Will this benefit our membership? This is vastly different from banks and other for-profit financial services organizations, whose boards of directors are responsible first to their stockholders.
On May 15th, we, the members of NWCU voted in favor of merging with TwinStar Credit Union. And, on June 12, 2023, we will become one organization. The Board is very excited about this merger. Almost two years ago, leadership from NWCU and TwinStar Credit Union had our first meeting to begin our journey together! And, since day one, it has been remarkable how well the leadership from both organizations have worked together. We have been struck over and over by how many strengths, goals, and core values we share.
Many of you have asked about what the merger means for board and leadership change, as well as any planned change to locations or staffing. Some highlights and answers include:
Once our banking systems are combined in late 2024, our credit union will be able to serve you from 36 branches across Oregon and Washington. None of these branches overlap geographically, and there are no plans to close branches.
The leadership from both credit unions are committed to employees. The merger proposal did not include any staff reductions.
The continuing board of directors is made up of directors from BOTH credit unions. There were nine directors at each credit union. We have established term limits for the board of directors, and initially reduced the number to 13 directors. However, three NWCU directors have agreed to continue serving the membership in emeritus positions. In the near term, we will reduce through attrition, as directors end their term, and the board goes forward with nine directors on the board.
The chairperson from NWCU will be chair of the new board through the end of their term in two years. The chairperson from TwinStar will be vice chair of the new board, and in two years will begin a two-year term as chair of the new board.
Current TwinStar Credit Union CEO Jeff Kennedy will be the CEO of our new organization and NWCU CEO John Iglesias will be the President of the combined organization, and ultimately will become the CEO when Jeff retires.
- As a larger organization, we will have more resources and gain efficiencies that provide benefits to members in the form of ongoing investment into products and services you want, competitive rates, and greater convenience.
Over the next couple of years, as we work to fully integrate and combine our two credit unions, it will be mostly business as usual for members.
As we begin this next phase in the merger process of combining our systems, teams, and processes, we want to thank you for choosing us as your trusted financial partner.
We’re excited about the benefits our partnership with TwinStar will provide members, our employees, and the communities we serve. Here’s to an even brighter future!
Northwest Community Credit Union Board of Directors