PORT TOWNSEND — The merger of two credit unions, including Port Townsend-based Quimper Community Federal, has been approved overwhelmingly by its members.
A referendum on whether Quimper would allow itself to be acquired by Bremerton-based Kitsap Credit Union was approved by 93 percent of those voting.
Voting began Oct. 1
The voting began Oct. 1 with members voting by mail, online or at a member meeting last Friday that was attended by 42 people, according to Leah Olson, vice president of marketing for the expanded credit union.
Quimper Community Federal Credit Union has about 5,500 voting members, with 863 ballots, or almost 16 percent, returned for the election,
Of those, all but 61 people voted in favor of the acquisition. Olson said.
“In an election like this, a response of 8 percent to 15 percent is considered normal and is consistent with the national average,” Olson said.
Nov. 1 changeover
As of Nov. 1, Quimper, with offices in Port Townsend and Port Hadlock, will be known as Kitsap Credit Union.
In a news release, Quimper President and CEO Debbi Greenspane said she was grateful for the members’ vote of confidence and that the credit union is looking forward to bringing them additional benefits.
One of the more immediate benefits for Quimper members will be the return of dividends on savings and money market accounts, which were suspended earlier this year.
Other benefits will include more loan options, more access to accounts through additional branches and ATMs, as well as mobile and text banking, Greenspane said.
She will continue with the merged company as regional manager, supervising the existing Quimper branches along with an undetermined number of North Kitsap branches, Olson said.
Community work
While the name will change, Olson expects the credit union will continue its connection to the local community.
“We are encouraging our local branches to support the projects that are important to them,” she said.
“For instance, our branch in Belfair collected food, gifts and school supplies for people who cannot afford them throughout the year.”
The combined financial co-op will hold more than $960 million in member assets, serve approximately 90,500 members and employ 329 staff members, including all of the existing Quimper employees.
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Jefferson County Reporter Charlie Bermant can be reached at 360-385-2335 or charlie.bermant@peninsuladailynews.com.
