June 28, 2012
Approximately 7,000 Quimper Community Federal Credit Union members will soon have the opportunity to vote on their board’s decision to sign a letter of intent for their institution to merge with the 84,000-member Kitsap Credit Union.
Quimper, based in Port Townsend, Wash., with approximately $47 million in assets, announced its intent last week after careful consideration by its board and management. In a statement, Quimper President and CEO Debbi Greenspane said, “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 members and federal and state regulators.”
If approved through the vote that will likely occur in October, the merger would create in Kitsap Credit Union a $948 million not-for-profit financial cooperative with 19 branches, including three high school branches, dotting all of the Kitsap Peninsula, from Port Townsend to Belfair and beyond.
“Kitsap Credit Union, for some time, has had a strategic vision serving the greater Puget Sound region,” said Kitsap President and CEO Elliot Gregg. “Ours is the dominant financial institution on the peninsula, but our future growth is dependent on the entire region and not just Bremerton and Kitsap County.”
In addition to greater access to accounts, products and services, Gregg said Kitsap’s High School branch program was of particular interest to Quimper employees.
“Quimper staff is already actively engaged in delivering financial education to local students, and the credit union itself was exploring a high school branch program,” he said. “They were excited that Kitsap already has a successful model for that.”
In the 2011-12 academic year, Kitsap Credit Union offered 160 financial education classes and taught 3,200 students, both youth and adult.
According to Gregg, if approved, the credit union would continue focusing on developing multiple channels to deliver services to members. And because of the need for experienced staff in areas new to the credit union, there would be no expected staff cuts.
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