Numerica, SELCO Community plan nearly $8 billion merger.
The Oregon and Washington credit unions expect to combine by early 2028, creating the state’s second-largest Oregon-chartered credit union while retaining their existing branches.
Numerica Credit Union and SELCO Community Credit Union plan to merge in a deal that would create a nearly $8 billion institution serving more than 325,000 members across Oregon, Washington and North Idaho, making it the second-largest credit union chartered in Oregon.
The merger, announced Wednesday by the two credit unions, has been unanimously approved by their boards but still requires regulatory approval and a membership vote at Numerica. Legal integration is expected to be completed by early 2028.
The combined credit union will operate under SELCO’s Oregon charter and be headquartered in Springfield, Ore. It will ultimately take the Numerica Credit Union name, with Numerica President and Chief Executive Carla Cicero leading the organization. Numerica’s current headquarters in Spokane Valley, Wash., will serve as a secondary headquarters and house the CEO’s office.
The institutions said they do not plan to consolidate branches because they serve distinct geographic areas. Members will see no immediate changes while the credit unions continue operating independently as they work to integrate their systems and processes.
The merger brings together two institutions with different regional footprints. SELCO, founded in Springfield in 1936 by a group of teachers, serves more than 150,000 members and has more than $3 billion in assets. Numerica serves more than 175,000 members across Eastern and Central Washington and North Idaho, with more than $5 billion in assets under management.
The organizations said the combination would give them more resources to expand products and services, invest in technology and account security, and increase support for community giving and financial education.
“Merging the strengths and resources of high-performing, mission-aligned organizations means we will be able to offer additional products and services, increase investments in technology and account security, and support the combined credit union’s long-term financial health,” SELCO President and Chief Executive Bob Newcomb said.
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The credit unions said they have contributed a combined $7 million in sponsorships and donations, logged nearly 58,000 volunteer hours and provided more than 1,500 hours of financial education over the past three years.
“For nearly 90 years, Numerica has lived our core purpose of enhancing lives, fulfilling dreams, and building communities,” Cicero said. “SELCO shares that mission, making this a natural partnership founded on common purpose and a commitment to growing with our members’ needs.”
Newcomb will lead SELCO through the legal integration and retire when it is complete, ending a career of more than 44 years in the credit union movement.
The merger comes as credit unions pursue larger combinations to expand their reach, strengthen technology and increase operating scale. Other recent pairings include First Tech Federal Credit Union and Digital Federal Credit Union, as well as Ent Credit Union and Wings Financial Credit Union.
The financial results of the two institutions have followed different paths this year. SELCO earned $21.5 million in the first three quarters of 2026, compared with $21.4 million in the same period a year earlier. Numerica earned $31.7 million over the same period, up from $18.2 million a year earlier, according to National Credit Union Administration call report data.
The organizations said they will work toward a shared identity that recognizes both credit unions’ histories while developing a common approach to serving members and communities.
“Our commitment to enhancing lives, fulfilling dreams and building communities will not change.”
Carla Cicero
President & CEO
Numerica Credit Union
Ken McCarthy is manager of marketing communications at Tyfone, where he monitors the credit union industry and contributes to conversations shaping its future. He previously covered credit unions and community banking for American Banker and S&P Global Market Intelligence. He holds a journalism degree from Point Park University and has more than 15 years of experience covering financial services. He is also the author of three literary fiction novels.
