Two credit unions with locations in the Camas-Washougal area plan to combine efforts this summer.
Lacamas Community Credit Union and iQ Credit Union have announced their intentions to consolidate their individual financial institutions into a single, larger credit union.
According to a press release, a team of employees from both credit unions will oversee the transition process, which will include the exploration of naming strategies for the institution.
No employee jobs are expected to be lost as a result of the consolidation.
The timing of the announcement is linked to the pending retirements of Lacamas President and Chief Executive Officer Kathleen Romane and iQ President and CEO Roger Michaelis.
A combined new board will conduct a search for a CEO to lead the larger institution. Romane plans to retire in July, and Michaelis is set to retire at the end of this year.
Romane was named the president and CEO of Lacamas in 2003, after serving as the vice-president and chief operations officer for five years. Michaelis has led iQ since 1984.
Lacamas Community Credit Union, founded in 1936, serves individuals and businesses in Clark and Skamania counties with more than 17,000 members, six locations and assets exceeding $195 million.
“Our members have been asking for branches in downtown Vancouver, Salmon Creek and Battle Ground,” Romane said. “We’re pleased we’re able to respond to their needs, plus offer even more in the way of enhanced service, improved efficiency and competitive products.”
Local Lacamas branches are located at 19200 S.E. 31st St., Camas; and 640 “E” St., Washougal.
Clark County Teachers Credit Union officially incorporated in 1940. It was renamed Clark County School Employees Credit Union in 1966.
The name, iQ Credit Union, was selected in 2004. A year later, iQ merged with members of City Employees of Clark County Federal Credit Union.
iQ Credit Union has nine locations in southwest Washington, 50,000 members and more than $500 million in assets.
The combined new institution will have 15 branch locations and 240 employees, and it will be one of the largest credit unions in southwest Washington.
Through its Campus Branch Program, iQ has student-run sites at Camas High School, 26900 Union in 1966.
The name, iQ Credit Union, was selected in 2004. A year later, iQ merged with members of City Employees of Clark County Federal Credit Union.
iQ Credit Union has nine locations in southwest Washington, 50,000 members and more than $500 million in assets.
The combined new institution will have 15 branch locations and 240 employees, and it will be one of the largest credit unions in southwest Washington.
Through its Campus Branch Program, iQ has student-run sites at Camas, Union, Battle Ground, Evergreen and Skyview high schools.
In addition to CHS, iQ has a local branch at 1615 N.W. Sixth Ave., Camas.
