Marking the first time it has ventured out of the Spokane-Coeur dAlene market, Numerica Credit Union has absorbed a three-branch credit union based in Wenatchee, Wash. It also is looking at expanding into the Tri-Cities.


Through a merger effective Sept. 4, Numerica has taken in Wenatchee-based North Central Credit Union and its $40 million in assets, bringing the Spokane-based credit unions total assets to $445 million, says Dennis Cutter, Numericas president and CEO.


The Wenatchee credit unions three branches now will do business under the name North Central Credit Union, a Division of Numerica Credit Union, he says.


Its not going to impact us in any other way but positive, Cutter says. Were acquiring 8,000 members who are already solid credit union supporters. Its in good, solid financial standing.


Eyeing the Tri-Cities


Cutter says Numerica also is looking for opportunities to enter the Tri-Cities market.


It probably will open a new branch there, however, rather than merge with another credit union, but its plans arent concrete yet, he says.


Were not in talks with another credit union there to merge, Cutter says. Were just looking in that vicinity, in that area of the state, for possible options for offices.


The Tri-Cities growing population is attractive to Numerica, he says.


Thats why we had Wenatchee in our business plan, Cutter says. They were also identified as a growing city in the state.


The merger with North Central Credit Union enlarges Numericas branch system to 10. It operates six branches in the Spokane area and one in Coeur dAlene. North Centrals branches are in Wenatchee, East Wenatchee, and Entiat, Wash., which is about 18 miles north of Wenatchee.


The merger also boosted Numericas overall membership to 51,000, Cutter says.


He says that Numerica, as part of its business plan, had planned simply to open a branch office in Wenatchee, but upon investigating its options there decided a merger with North Central would be a better move.


The main points that made it make sense for usand for themwere that they had existing members and locations in the Wenatchee area, and we were able to bring more services to North Central members than they had, Cutter says.


Among the new offerings North Central members now have as a result of the merger are mortgage lending and electronic bill payment.


They also will be able to take advantage of the shared branching network to which Numerica belongs in Spokane. Through that network, members of the networks various credit unions can complete financial transactions at the offices of the four other credit unions in the network.


The network includes Spokane Teachers Credit Union, Global Credit Union, Spokane Federal Credit Union, Washington State Employees Credit Union, and Numerica.


Members of those credit unions likewise now have privileges at North Centrals offices.


Barbara Harris, North Centrals CEO, will retire at the end of the year, Cutter says.


For credit unions to merge, regulators must approve the plan, the boards of both credit unions must agree to the merger, and their members must vote to accept the new relationship, Cutter says. All of these steps occurred during the North Central merger, he says.


This is Numericas first major merger with a viable credit union, he says. North Centrals 22 employees were retained, increasing Numericas total employment to about 170.


Weve had a couple of other mergers, Cutter says. They were so small, and we took them over because the regulators asked us to.


Numerica absorbed Inland Dairy Credit Union about five years ago and Spokane Board of Realtors Credit Union about 15 or 20 years ago, he says.


Through the recent merger, Numerica acquired buildings that house two of North Centrals branches. It leases the third building.


North Central began as State Highway District 2 Credit Union in 1953, its Web site says. By 1983, it had $6 million in assets and 3,000 members. In the 1980s it merged with three other credit unions: Entiat Valley Credit Union, Wenatchee Valley Schools Credit Union, and Wenatchee Chelan County Credit Union. In 1995, it merged with a fourth, Wenatchee World Credit Union.


North Centrals two branch offices, in Entiat and East Wenatchee, opened in 2000 and 2001, respectively.