THE BOARD OF DIRECTORS of Quimper Community Federal Credit Union, with $47 million in assets and headquarters in Port Townsend and a branch office in Port Hadlock, announced Friday that it has signed a letter of intent to merge with Kitsap Credit Union, which has $901 million in assets and 17 offices in Kitsap, Pierce and Mason counties including its headquarters in Bremerton.
The merger will require a vote by the members of Quimper as well as approval by federal and state regulators.
Quimper has 18 employees, including CEO Debbi Greenspane.
Officials of both credit unions told the Peninsula Daily News that there would be no layoffs if the merger is approved.
Kitsap Credit Union has 326 employees. Both credit unions are not-for-profit. Their boards of directors are elected by their memberships and are unpaid.
Factors cited for the merger included “what is best” for Quimper members — the officials said that the merger will bring more resources for home, business and auto loans and enhanced customer services for them through Kitsap Credit Union, including many more ATMs and being able to use a mobile phone to manage an account — plus “the state of the local, regional and national economic climates, as well as the increasing pace and expense of new regulatory requirements.”
The merger would rebrand Quimper as branches of Kitsap Credit Union and give the credit union its first offices in Jefferson County.
Here is an announcement from Leah Olson, vice president of marketing for Kitsap Credit Union:
“After careful consideration, the Quimper Community Federal Credit Union (QCFCU) Board of Directors and Management have decided that it is in the best interest of the Credit Union and its members to seek a merger with another local credit union.
“They are pleased to announce they have recently signed a Letter of Intent to merge with Kitsap Credit Union, headquartered in Bremerton, Washington.
“QCFCU Board considered many factors before making a decision to seek a merger, most importantly, what is best for their members long term.
“Other factors in the decision-making process included the state of the local, regional and national economic climates, as well as the increasing pace and expense of new regulatory requirements.
“It was also important to QCFCU to find a merger partner that
“• Is a cultural and philosophical match for the staff, members, and community;
“• Provides members with the highest quality of financial services and products delivered in a professional, friendly manner;
“• Is fiscally responsible and financially strong;
“• Is committed to giving back to the communities they serve;
“• And will provide additional benefits for QCFCU members.
“In making the announcement to members, QCFCU CEO Debbi Greenspane stated, ‘This merger will be a tremendous asset to the members, staff, and community. We are looking forward to joining the Kitsap Credit Union family.’
“Signing the Letter of Intent is just the first step in the formal merger due diligence process, which will also include approval by QCFCU members and federal and state regulators.
“Quimper Community Federal Credit Union was established in Port Townsend, Washington in 1939. They currently serve 7,058 members through two branches. Assets as of March 31, 2012 were $47 million. Membership eligibility is open to anyone who lives, works, or worships in Jefferson and Clallam Counties, and their immediate families
“Kitsap Credit Union was established in Bremerton, Washington in 1934. They currently serve 85,000 members through 17 branches in Pierce, Kitsap, and Mason Counties. Assets as of May 31, 2012 are $901 million. Membership eligibility is open to anyone who lives, works, worships, or attends school in Washington State, and their immediate family members.”
