Members of the Ferndale Refinery Credit Union have voted to approve a merger with the Industrial Credit Union of Whatcom County that would take effect Oct. 1.
The vote passed during a special FRCU meeting on Aug. 14.
“We began looking at the possibility of a merger several months ago,” FRCU board chair Mike Firos said, in a press release. “Our credit union is financially very strong. But as with many small credit unions, we are finding it increasingly difficult to remain compliant with all of the new regulations without a significant increase in our expenses. Our board of directors recognized that in order to serve our members to the best of our abilities, we needed to find a partner.”
According to a press announcement, the merger will allow FRCU to offer its members new services such as online banking, real estate loans and new branch locations.
Terri Salstron, CEO of ICU, said the merger was a “win-win situation for all parties involved.”