Credit union merger called off

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Monday, July 16, 2012

A planned merger of two Portland-area credit unions—St. Helens Community and Wauna FCU—is on the rocks.

At the same time, the St. Helens board announced over the weekend it has hired a former top exec at the $5.3 billion First Tech FCU as its new CEO.

Brooke Van Vleet, former chief administrative officer at First Tech who left last year as the two California and Oregon credit unions, First Tech of Beaverton, Ore., and Addison Avenue FCU of Palo Alto, Calif., completed one of the nation’s largest credit union mergers, said in a formal statement that one of her first acts “is to terminate the recently announced letter of intent to explore a merger with Wauna FCU.”

Read more at Credit Union Times.

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