Klamath Public Employees Federal Credit Union in Klamath Falls, Oregon, and Pacific Crest Federal Credit Union in Klamath Falls have agreed to merge.
The combined entity would have more than $335 million of assets and roughly 24,000 members (Klamath Public has $59.4 million of assets while Pacific Crest has $277 million). The deal is awaiting regulatory approval and a vote of affirmation from members of Klamath Public FCU.
"Our two credit unions already enjoy a cooperative relationship and a common culture, wholeheartedly embracing the credit union philosophy of people helping people. … This merger is about doing what is best for our members and assuring that our region continues to have local decisions made by local people who live and work here," the credit unions said in a joint press release.
No layoffs are anticipated and all branches are expected to remain open.
Pacific Crest recorded net income of $501,645 for the first six months of this year, down from roughly $1.5 through the first half of 2021. Klamath Public Employees reported $172,262 in net income through the first half, versus 194,614 a year earlier.
