Providence Federal Credit Union and Consolidated Community Credit Union Merger Approved

Posted by Alyse Knudsen on January 2, 2025

With 88% of ballots cast in favor of the merger, Providence Federal Credit Union (PFCU) members have shown strong support for the partnership with Consolidated Community Credit Union (CCCU). The two credit unions, both based in Portland, Ore., announced their intent to merge in August 2024. PFCU members were asked to vote on the merger.

Although the merger will be official on Jan. 1, 2025, full operational and system integrations between the credit unions will be completed by June 1, 2025. PFCU will become a division of CCCU but continue to operate as Providence Credit Union. Both organizations will operate from CCCU’s current administrative office in the Lloyd District of Portland, Ore., which will serve as the headquarters. As part of this transition, PFCU’s administrative office in Milwaukie, Ore. will close.

The expanded organization will have combined assets of $655 million and will serve Multnomah, Washington, Clackamas, Columbia, Hood River, Yamhill, Clark, and Skamania counties in Oregon. Additionally, it will serve employees of Providence, retirees, and their family members in Washington, California, Montana, Texas, Nevada, and Alaska, as well as members of EyeHealth Northwest, the Portland Clinic, and United Domestic Workers (UDW Labor Union).

Following the system conversions, PFCU President & CEO Shirley Cate will retire, and CCCU President & CEO Larry Ellifritz will assume the role of President & CEO of the combined organization.

The collaboration between PFCU and CCCU demonstrates the power of partnership. For over a decade, CCCU has supported PFCU members with residential real estate loans, reflecting a shared commitment to integrity and service. “This alliance with CCCU is poised to deliver unparalleled value and convenience, ensuring that our members have access to a wide array of services wherever they may be,” said Cate.

“We are excited to expand our partnership with PFCU and to broaden our services to their members,” said Ellifritz. “Shirley and her team have built a great brand, and we are very honored to continue working with them.”

By merging, PFCU and CCCU will leverage collective strengths to enhance service and product offerings such as:

• Increased financial strength ensuring long-term sustainability
• Advancements in digital financial tools
• Expanded branch access

PFCU and CCCU are joining forces, combining assets, resources, policies, and programs as equal partners to create something stronger and more impactful. In this exciting new chapter, all employees from both credit unions will be retained, united in their shared commitment to serving our members and communities.

To learn more and see additional details, visit the merger FAQ page on both credit unions’ websites: www.providencecu.org/merger and www.consolidatedccu.com/merger.

Posted in Oregon, Regional Member News, Washington.