Business

<< Previous   of   Next >>   ADVERTISEMENT   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Saturday, May 24, 2008 Educational Community, MountainCrest credit unions merging By Eric Fetters Herald Writer EVERETT -- Two local credit unions are merging next week, creating a new member-owned institution with $90 million in assets and almost 15,000 members. Educational Community Credit Union's membership last week approved a merger with MountainCrest Credit Union, formerly known as Snohomish County PUD Credit Union. The actual merger takes place May 31. "We are very pleased and excited about our future," Mark Morrison, Educational Community Credit Union's president, said in a written statement. "By joining forces, we have guaranteed our potential for growth and innovative products and services in a highly competitive financial marketplace." Educational Community Credit Union's branch near Silver Lake will close, with members there being directed to the MountainCrest branch at 1328 Broadway in Everett. But there will be no job losses from the merger, said Bob Schumacher, MountainCrest's president and chief executive. "We've been able to find spots for everyone," he said of the newly combined workforce of 39 people. Norm Colon, chairman of the board for Educational Community Credit Union, called the merger a "bold move" that was seen as a way for the credit union to achieve some of its goals much sooner than it could have on its own. For MountainCrest, the merger's benefits include the addition of a significant number of members and a doubling of branch offices. MountainCrest has branches in Everett and Arlington; the merger will add locations in Marysville and Monroe. MountainCrest also inherits a statewide charter from Educational Community. So instead of restricting its membership to residents of a four-county area, it now can open accounts for anyone who lives or works anywhere in Washington, Schumacher said. Educational Community Credit Union was founded in 1940 by the staff at Everett Junior College, who were seeking to attain better loan and savings rates. MountainCrest, which has been through several name changes since its founding in 1934, is almost ready to move into new headquarters in Arlington. Reporter Eric Fetters: 425-339-3453 or fetters@heraldnet.com.

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