As for Oregon First and SOFCU, its managers cite a confluence of factors, including management succession, as triggering the need for the merger, which will create a CU with 70,000 members.
The surviving CU will be formally known as First Community, but SOFCU and Oregon First will operate independently as affiliates under the First Community brand.
Under the merger plan, the two CEOs, Charla Zeltway of SOFCU and Dal King of Oregon First will retire as presidents of each CU in February 2012.
We figure we will be saving both organizations major management expense and overhead while creating economies of scale in our planned succession," explained Zeltway, who has been CEO of SOFCU for 28 years.
On Thursday, the sheriff's office and the FBI special agents arrested Thomas Jay Nye, 42, without incident in connection with the June 1 robbery of the SOFCU
Community Credit Union.