Spokane Valley-based Numerica Credit Union is planning to merge with Springfield, Oregon-based SELCO Community Credit Union in a proposed “merger of equals,” according to a press release.

The proposal has been unanimously approved by the boards of directors of both SELCO and Numerica and remains subject to regulatory approval and a vote by Numerica’s membership. The legal integration is expected to be completed by early 2028.

Upon completion, the combined financial cooperative will serve more than 325,000 members, operate 38 branch locations, and hold nearly $8 billion in assets.

Pending approvals, the combined credit union will be headquartered in Springfield, Oregon, adopting SELCO’s state charter while carrying the Numerica Credit Union brand. Following the proposal, Carla Cicero, president and CEO of Numerica, will serve as president and CEO of the unified credit union. Numerica’s Spokane Valley headquarters, at 14610 E. Sprague, will become the secondary headquarters and will house the CEO's office. 

Bob Newcomb, president and CEO of SELCO, will retire upon completion of the legal integration with Numerica concluding a 44-year career, the release says.

Cicero describes SELCO and Numerica as having a shared mission, making the merger a “natural partnership.”

“Today marks an exciting new chapter for Numerica and our members,” Cicero says in the release.

Numerica Credit Union is Spokane County’s second-largest credit union by deposits, according to the Spokane Journal of Business Spokane-Area Credit Unions list. The financial institution operates 23 branch locations in Washington and Idaho and serves the financial needs of more than 175,000 members.

SELCO Community Credit Union, founded in 1936, serves over 150,000 members in Oregon and Washington. 

The two organizations will operate independently until their systems and processes are integrated, so members aren't expected to experience immediate changes, according to the press release.

“We couldn’t be more excited about what we’ll build together for our members, employees, and the communities we call home,” Cicero says.