SELCO to merge with Washington credit union, become known as Numerica

Springfield-based SELCO Community Credit Union announced a merger with a credit union that serves Washington and Idaho, and it will operate under the Spokane Valley-based Numerica Credit Union name once the merger is complete. 

Members will not experience immediate changes and the two credit unions will operate independently until their systems are integrated, according to a news release that called the move a “merger of equals.”

The combined organization will have nearly $8 billion in assets, making it the second largest Oregon-based credit union behind OnPoint Community Credit Union. 

Credit unions are nonprofit member-owned financial institutions.

The combined credit union will operate under SELCO’s Oregon charter and in its Springfield headquarters, the release states. Numerica’s current headquarters in Spokane Valley will be a secondary headquarters with the CEO’s office. There are no plans to consolidate branches and, according to SELCO’s website, no planned relocations or staffing reductions because of the merger.

Following the merger, Numerica’s President and CEO Carla Cicero will serve as president and CEO of the combined organization, according to the release. SELCO president and CEO Bob Newcomb will retire when the integration is complete, which is expected to be by early 2028. 

“Numerica shares our dedication to expanding access to products and resources that help people borrow responsibly, save sensibly, and invest wisely,” Newcomb wrote in an Oct. 28 email to members. “Together, SELCO and Numerica will be better positioned to broaden this access, enhance existing capabilities, and continue investing in our members and communities.”

Over time, members will have access to additional products and services, including loans, digital and account security capabilities and financial wellness resources, according to the email. 

“This partnership will strengthen the combined credit union’s financial health, support additional investments in the team members who serve you, and further the credit union movement by creating an even more compelling alternative to larger banks and fintechs,” Newcomb wrote. 

The merger has been approved by both credit unions’ boards of directors, the news release states. It is still subject to regulatory approval and a vote by Numerica’s membership. Because the combined credit union will operate under SELCO’s Oregon charter, only Numerica’s members are required to vote, according to SELCO’s website.

A group of teachers founded SELCO in 1936, and the name originally stood for School Employees of Lane County, the website states. After expanding its charter to include Lane County service employees, it became Service Employees of Lane County. When the credit union adopted a community charter, allowing it to serve members in a defined geographic area, SELCO was no longer used an acronym.