Tiny Monad Federal Credit Union has merged into $2 billion Numerica Credit Union, the two CUs announced Friday.
Monad FCU was a $14.8 million institution based in Pasco, Wash. It served approximately 2,500 members. Numerica CU is headquartered in Spokane Valley, Wash., and serves more than 135,000 members.
Members of Monad FCU approved the merger at a special meeting, which was held Feb. 5. The transaction was officially filed with Washington’s secretary of state Feb. 28 and was effective March 1.
According to a statement issued by the two CUs, the merger was precipitated when Camelia Uhling, Monad’s president and CEO, announced her upcoming retirement.
“Numerica Credit Union and Monad Federal Credit Union are both healthy, financially strong organizations,” the two CUs said. “Together they will continue to enhance lives, fulfill dreams, and build communities.”
The boards of directors of both credit unions, as well as both CEOs, said they support the merger, viewing it as an “opportunity to combine resources” to take advantage of the key strengths of each credit union, including providing an even more attractive portfolio of products and services for members and professional advancement opportunities for current Monad employees.
As a result of the merger, members of Monad will be able to the use the expanded 20 branches provided by Numerica, along with the combined technology and resources that each credit union has to offer. This includes additional products, services and delivery channels offered by Numerica.
“Numerica and Monad share not only a similar origination, but a passionate focus on the financial well-being of our members and the common purpose of people helping people,” said Carla Cicero, Numerica’s president and CEO. “Numerica has been committed to the Tri-Cities for many years, and we are pleased to continue growing and being a part of such a vibrant commerce that enables us to help the Tri-Cities community live well.”
Numerica Credit Union serves members throughout Central and Eastern Washington and Northern Idaho. Membership is open to anyone who lives or works in the state of Washington or the Idaho Panhandle.