Two Portland, Oregon-based credit unions plan to merge and form an organization with more than $650 million of assets.

Providence Federal Credit Union and Consolidated Community Credit Union have agreed to a deal that is expected to be completed by Jan. 1, 2025.

The two companies already had a history of collaboration in residential real estate lending, said Shirley Cate, president and CEO of the $165 million-asset Providence FCU.

“The evolving financial landscape demands innovation and strength. By joining forces with CCCU, we leverage our mutual successes to bring greater value to our members, employees, and the communities we serve,” Cate said in a press release.

Cate will be retiring upon completion of the merger and Larry Ellifritz, CCCU’s chief executive, will become the president and CEO of the combined organization.

Two members of PFCU’s board will transition to the ongoing board, and all Providence FCU employees will be retained.

“Shirley and her team have built a great brand and we are very honored to continue working with them,” Ellifritz said in the release.

The combined organization will serve more than 35,000 members across Multnomah, Washington, Clackamas, Columbia, Hood River, Yamhill, Clark and Skamania counties as well as the employees of Providence and the United Domestic Workers.
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The $490 million-asset Consolidated Community merged with Legacy Federal Credit Union in 2021.

The National Credit Union Administration approved 46 mergers during the second quarter of 2024, up from the 26 in the first quarter and 36 in the second quarter of 2023.

Consolidated Community earned roughly $1.5 million through the second quarter of 2024, a 26% increase from a year earlier, according to call report data from the NCUA.

Providence FCU lost $895,000 through the second quarter, after losing roughly $6,000 during the first two quarters a year earlier.

“The fusion of our resources and expertise promises to enhance the products and services we offer you. I hold the CCCU leadership team in high regard and am eager to see the heights our united organization will reach.”

 – Shirley Cate
President & CEO
Providence FCU