PFCU + CCCU
Shared Visions and Strengths
PFCU + CCCU
Proudly Announces Merger Agreement
Announcing our merger agreement with CCCU!
We’re thrilled to share that the Board of Directors and the management team at Providence Federal Credit Union have entered into an agreement to merge with Consolidated Community Credit Union, based in Portland, Oregon. This merger represents a significant milestone in our history and promises to bring a host of benefits to you, our valued members.
Our choice of Consolidated is rooted in a longstanding relationship built on trust and mutual respect, with a history of collaboration in residential real estate lending. This partnership is a natural progression of our relationship, promising to bring you the best of both worlds: the competitive edge of a larger organization coupled with the personalized service you’ve come to expect from your local credit union. Our foundation is solid, and our resolve to innovate and lead the industry is stronger than ever.
The next step in our merger process is to submit our merger application to the regulators for approval. Following this, we’ll hold a membership vote scheduled for the fall of 2024. With all going as planned, we anticipate the official completion of the merger by January 1, 2025.
As we embark on this exciting new journey, we bring together our collective strengths and dreams under the banner of “Building for the Future.” This merger is a testament to more than the integration of our businesses; it’s a powerful statement of our unwavering commitment to our members, employees, and the wider community.
We understand you may have questions, and we’re here to guide you through every step. Feel free to peruse the FAQs for more information. Be sure to visit this Hub often for more updates.
Anticipated Merger Completion
01/01/2025
Member Benefits
Access to Thousands of Branches
Enhanced Products & Services
Elevated Digital Banking
Broader & Stronger Community Impact
Message from our CEO
“The evolving financial landscape demands innovation and strength. By joining forces with CCCU, we leverage our mutual successes to bring greater value to our members, employees, and the communities we serve. […] Our choice of CCCU is rooted in a longstanding relationship built on trust and mutual respect, with a history of collaboration in residential real estate lending. This merger is a testament to our shared commitment to integrity and excellence.”
View Full CEO Message PDF
– Shirley Cate, President/CEO
News & Updates
Over the next few months, we’ll continue to share up-to-date information via email, our website, and social media channels.
CCCU Merger Information to date.
| Date | Article |
|---|---|
| 08.07.24 | Mailed Letter Announcing Merger |
| 08.08.24 | Email Announcing Merger |
| 08.08.24 | Press Release |
PFCU Member FAQs
We are excited about all the new products and services we will be able to offer our members. In the meantime, we have several Frequently Asked Questions below to answer some of your questions.
Frequently Asked Questions
Due to the ever-changing landscape of the financial services market, the Board of Directors and management of both credit unions thought this was the best path to continue meeting the financial needs of our members. Together, our organizations will continue to grow and evolve, helping us market to our community, implement new technologies and provide operational and administrative guidance. This support will ultimately translate into a deeper product and service mix for our membership.
This merger also marks the start of a new chapter for Shirley Cate, PFCU President and CEO, as she will be retiring upon completion of the merger. Congratulations, Shirley!
Larry Ellifritz, President and CEO of CCCU, will become the President and CEO of the combined organization.
This is a very positive event for both our credit unions, and our Board and management teams are excited to watch the evolution of the new combined organization.
They are a full-service credit union that was originally chartered in 1954 to serve the employees of Consolidated Freightways. Today, anyone who lives, works, worships, owns a business, or goes to school in either Multnomah, Washington, Clackamas, Columbia, Hood River, Yamhill, Clark, or Skamania counties is eligible to join CCCU. Potential members across the country can also join through our association membership program. We encourage you to visit their website at www.consolidatedccu.com to learn more about the credit union and the products and services they offer.
CCCU was originally formed by the employees of Consolidated Freightways in 1954. Now they serve over 20,000 members and have over $490 million in assets, serving members in all 50 states.
CCCU’s alignment with our credit union’s culture is a testament to our shared commitment to member service. Their dedication is reflected in the extensive range of top-notch products and services they offer. What’s more, our collaboration has expanded member access to a vast network of physical branches nationwide, ensuring convenience in financial transactions through CO-OP Shared Branching. Our 12-year partnership with CCCU has been incredibly fruitful, particularly in supporting our employees and members with their residential and commercial real estate financing needs. This synergy has not only strengthened our operations but also reinforced our mission to serve our community with excellence.
Yes, CCCU was ranked in the Top 100 for top-performing credit unions in the United States by S&P Global Market Intelligence. They rank at number 47 overall and number 2 in Oregon for financial stability.
Your PFCU ATM/Debit cards will remain active until May 31, 2025. After this date, and to ensure uninterrupted service, we will issue new cards sometime in May before the conversion date of June 1. We will notify you when your new cards will be arriving and when they will be activated.
Rest assured, your account numbers will stay the same unless there’s a conflict of duplicate member numbers between the two credit unions. (Response updated 8/15/2024)
No, your loan terms will not change and none of our loans will be sold. Members will continue to make payments to the credit union, as normal.
Rest assured, any automatic deposits and withdrawals using your account number will continue to process as usual, with no additional action needed from you.
The PFCU branch at Providence St. Vincent Medical Center, the ITM at the Providence Portland Medical Center and the branch in San Diego in UDW will remain open.
Our doors at the PFCU Administrative Office in Milwaukie, OR will officially close at the end of day Friday, May 30, 2025. Our headquarters will move to the CCCU headquarters in NE Portland on Monday, June 2, 2025. (Response updated 8/19/2024)
If you have an account open at each location, your PFCU account will move over to CCCU under your CCCU membership at the time of conversion, which is anticipated to be in June 2025.
The merger of a credit union is a significant event that often brings about a wave of change, but one of the most positive outcomes is the retention of all employees. This decision reflects a commitment to staff continuity and stability, which can be incredibly reassuring for the workforce. It means that the employees can look forward to being part of the new, larger entity, bringing their valuable experience and knowledge to the table.
Yes, CCCU is federally insured by the National Credit Union Administration (NCUA) just like our credit union and you will continue to have the same share insurance up to $250,000.
Yes, your input is incredibly valuable during the merger process between credit unions. It’s a time of significant change and your voice matters. Both credit unions will be hosting a special membership meeting to answer any questions our members might have regarding the merger. During this process, each eligible PFCU member will have the opportunity to cast their vote to determine the outcome of the merger.
About a year. The goal is to have all PFCU members migrated to CCCU’s systems by mid-2025.
To stay informed about the merger, please visit our dedicated Hub at providencecu.org/merger for the latest updates. This resource is designed to provide you with all the necessary information, including timelines, changes to services, and any actions you may need to take. It’s a one-stop-shop for all merger-related news, ensuring you’re always in the know as we move forward with this exciting transition.