Rogue Credit Union in Medford, Ore., and Malheur Federal Credit Union in Ontario, Ore., have agreed to merge.
The deal, announced Thursday, is expected to close around the first day of 2021, according to a Rogue Credit Union spokesperson. Both CUs are currently involved in the due diligence process.
“We are beyond excited to be able to embark on this journey to partner with another great credit union,” Rogue Credit Union President and CEO Gene Pelham said in the announcement. “This partnership will allow us to continue to strengthen for the future and expand our field of membership.”
Both institutions began as teachers’ credit unions but over time expanded their fields of membership. Membership at Malheur FCU is open to anyone who lives, works or worships in two counties across Oregon and Idaho. The deal will expand Rogue’s reach, giving it a foot in Idaho. The credit union currently serves about 146,000 members across Oregon.
A vote on the deal is expected this fall.
Malheur FCU reported first-quarter net income of $311,378, down 17% from the year-earlier quarter.
