Numerica, SELCO Credit Unions announce plans to merge

SPOKANE VALLEY. — Numerica Credit Union and Oregon-based SELCO Community Credit Union announced plans Wednesday, Oct. 28, to merge, creating a financial institution with nearly $8 billion in assets and more than 325,000 members.

The proposed merger would combine the two credit unions into the second-largest Oregon-chartered credit union by asset size, operating 38 branches across their service areas.

The combined organization would operate under SELCO's Oregon charter, with its primary headquarters in Springfield, Oregon. Numerica's Spokane Valley headquarters would become the organization's secondary headquarters and house the office of the CEO.

The credit unions said there are no plans to consolidate branches because they serve distinct geographic areas.

The merger has received unanimous approval from both organizations' boards of directors but remains subject to regulatory approval and a vote by Numerica's membership.

Following the merger, the combined organization will operate under the Numerica Credit Union name, with current Numerica President and CEO Carla Cicero serving as president and CEO.

SELCO President and CEO Bob Newcomb will continue leading SELCO through the legal integration process before retiring. Newcomb has worked in the credit union industry for more than 44 years.

Legal integration is expected to be completed by early 2028.

“Today marks an exciting new chapter for Numerica and our members,” said Carla Cicero, President and CEO of Numerica. “For nearly 90 years, Numerica has lived our core purpose of enhancing lives, fulfilling dreams, and building communities. SELCO shares that mission, making this a natural partnership founded on common purpose and a commitment to growing with our members’ needs.”

Numerica, headquartered in Spokane Valley, serves more than 175,000 members across Eastern Washington, Central Washington and North Idaho. The credit union has more than $5 billion in assets under management.

SELCO, founded in 1936 by a group of teachers, serves more than 150,000 members and has approximately $3 billion in assets. The Springfield-based credit union serves members in 27 Oregon counties and eight Washington counties.

Both organizations are nonprofit financial cooperatives federally insured by the National Credit Union Administration.

“This partnership brings together two credit unions that are connected by purpose and driven by opportunity,” said Bob Newcomb, President and CEO of SELCO. “Merging the strengths and resources of two high-performing, mission-aligned organizations will create more possibilities for members by expanding access to new products and services, increasing investments in technology and account security, and supporting the combined credit union’s long-term financial health.”

The credit unions said the merger is also expected to expand their capacity for community giving and financial education programs.

According to the organizations, their combined community contributions over the past three years include more than $7 million in sponsorships and donations, nearly 58,000 volunteer hours and more than 1,500 hours of financial education.

Members of both credit unions will experience no immediate changes. Numerica and SELCO will continue operating independently under their existing names until their systems and processes are integrated.

The organizations also plan to develop a shared identity during the integration process.

Additional information about the proposed merger is available at numericacu.com/merger and selco.org/merger.