Generations Credit Union of Olympia, Wash., has merged into Community 1st Credit Union of DuPont, Wash.
Community 1st said in a press release issued on Wednesday that the merger was effected on Dec. 1. Members of Generations had earlier approved the proposed merger during a meeting in November.
As a result of the merger, Community 1st now has assets of approximately $150 million, more than 12,000 members and six branches in the Puget Sound area of Washington.
“We are excited about the opportunities this brings to both organizations,” Bill Paulen, CEO of Community 1st, said in the release. “The Generations team is dedicated to the success of the new, combined organization. Together with the additional resources available at Community 1st and its energized team, we see this merger as an excellent match.”
Prior to his arrival at Community 1st, Paulen had served as the CEO at Generations from 2014 to 2017.
Community 1st noted on a
In addition, the board of directors of the merged credit union will include four board members from Generations and seven from Community 1st.
Prior to the merger, Community 1st posted a loss of roughly $927,000 through the first nine months of 2018, after recording a loss of about $60,000 in the same period of 2017.
Meanwhile, Generations posted $309,000 in the first nine months of 2018, down about 59 percent from the same period a year earlier.
