A 57-year-old Ferndale credit union will soon become a part of Industrial Credit Union of Whatcom County.
Earlier this month, members of the Ferndale Refinery Credit Union voted to approve a merger into ICU, according to a news release sent out on Monday, Aug. 27. The merger is scheduled to take place on Monday, Oct. 1.
Ferndale Refinery Credit Union’s lone branch will be closed and its one employee, CEO Susan Prosser, will join ICU, said Brianna Murray, mar-keting coordinator for ICU.
Mike Firos, the board chair at the Ferndale Refinery Credit Union, said they began looking into the possibility of a merger several months ago.
“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. After considering all of the credit unions in the area, evaluations showed that our two credit unions had the most in common,” Firos said in the news release.
Murray said ICU is currently working out the details on how it will absorb Ferndale’s system and will keep members informed on the changes. Once the merger is completed, Ferndale Refinery members will have access to ICU’s seven branches and the services it offers, including online banking.
As of June, Ferndale Refinery Credit Union had $4.7 million in assets and 1,600 members, according to the National Credit Union Administration. Industrial Credit Union had $164.8 million in assets and 21,998 members.