Numerica and SELCO Merge to Create Nearly $8 Billion Credit Union

Numerica Credit Union and SELCO Community Credit Union announced a merger of equals on October 28, 2026, under a definitive agreement the credit unions said will create a combined organization with nearly $8 billion in assets, more than 325,000 members, and 38 branch locations spanning Oregon, Washington, and Northern Idaho. The announcement states the combined credit union will become the second largest credit union by asset size in Oregon.

The combined organization will operate under SELCO’s Oregon charter with headquarters in Springfield, Oregon. Numerica’s current headquarters in Spokane Valley, Washington, will become the combined credit union’s secondary headquarters and house the office of the chief executive. Because SELCO and Numerica serve distinct geographic areas, the credit unions said there are no plans to consolidate branches. SELCO Community Credit Union’s merger page adds that there are no planned branch closures, relocations, or staffing reductions as a result of the merger.

Following the merger, the combined organization will operate under the Numerica Credit Union name. Carla Cicero, Numerica’s President and CEO, will serve as President and CEO of the combined organization, working from the secondary headquarters in Spokane Valley, according to Numerica Credit Union’s merger page. Bob Newcomb, SELCO’s President and CEO, will lead SELCO through the legal integration and retire upon its completion, concluding a career of more than 44 years in the credit union movement, the announcement states. Both credit unions’ Boards of Directors have unanimously approved the merger. The credit unions said they will operate independently as SELCO and Numerica until their systems and processes are integrated, partnering in the meantime to develop a shared identity honoring both organizations’ histories.

The announcement describes the pair as two credit unions rated among the strongest in the Pacific Northwest by regulatory examiners. Cicero said SELCO shares Numerica’s mission, making the combination a natural partnership founded on common purpose. “Merging the strengths and resources of high-performing, mission-aligned organizations means we will be able to offer additional products and services, increase investments in technology and account security, and support the combined credit union’s long-term financial health,” Newcomb said.

Newcomb also cited the institutions’ combined community record. “Together, that commitment has amounted to $7 million in sponsorships and donations, nearly 58,000 hours of volunteerism, and more than 1,500 hours of financial education over the past three years,” he said. The credit unions said the merger will expand resources for additional community giving and financial education initiatives.

Institutional Background and Merger History

Founded in 1936 by a group of teachers, Springfield-based SELCO serves more than 150,000 members and holds more than $3 billion in assets across 15 branches. Membership is available to anyone who lives or works in the 27 Oregon or eight Washington counties the credit union serves. According to its merger page, the SELCO name originally stood for School Employees of Lane County, later became Service Employees of Lane County after a charter expansion, and ceased to function as an acronym when the credit union adopted a community charter.

SELCO’s most recent prior mergers were with Portland-based Forest Park Federal Credit Union in 2012 and Burns-based Greater Oregon Federal Credit Union in 2013. The credit union states the combination with Numerica will be its largest, more than doubling both its membership and its team.

Numerica, headquartered in Spokane Valley, serves more than 175,000 members in Eastern Washington, Central Washington, and North Idaho and reports more than $5 billion in assets under management. Membership is open to anyone who lives, works, or worships in the state of Washington or North Idaho. The credit union states it has served its communities for nearly 90 years. The combined organization will employ more than 1,100 people across the three states, according to both merger pages.

Numerica’s merger page states members of the combined organization can expect broader access and additional products over time, including a high-yield savings account, insurance options covering property and casualty, life, Medicare, and Medicaid, higher business lending potential, more competitive pricing and fee flexibility, and Spanish-language services with a bilingual website.

Approval Path and Timeline

The merger is subject to regulatory approval and a vote by Numerica’s membership. Numerica’s FAQ states the credit unions will first seek required approvals from the National Credit Union Administration, the Oregon State Department of Financial Institutions, and the Washington State Department of Financial Institutions; once those approvals are received, Numerica’s members will vote on the proposed merger. Because the combined credit union will operate under SELCO’s Oregon charter, only Numerica’s members are required to vote, SELCO’s page explains.

Numerica’s published timeline marks the agreement as complete, regulatory approval as upcoming, and the member vote as to be determined, with Legal Day 1 at approximately January 2028. The announcement states legal integration is expected to be completed by early 2028, with operational integration to follow on dates yet to be determined. Until then, members will see no immediate changes: account and routing numbers, cards, and checks remain the same, and deposits continue to be federally insured by the NCUA for up to $250,000 per person, the credit unions state. Both organizations said they will communicate any future changes clearly and well in advance, posting milestone updates on their merger pages.