The Board of Directors and leadership team of Cascade Central Credit Union are excited to announce a pending merger with Consolidated Community Credit Union. Cascade and Consolidated both are looking forward to serving you and future generations by combining our strengths and resources.
Unlike a bank buyout, a credit union merger is a collaboration between two credit unions seeking to combine financial resources and expertise for the sole purpose of providing members with expanded services. We are excited about all the new products and services we will be able to offer our members.
In the meantime, we have a number of Frequently Asked Questions below to answer some of your questions. If you have any additional questions, please feel free to contact us.
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. Consolidated can support our organization as we 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 and enable us to assist more people who live in the mid-Columbia area.
This is a very positive event for both our credit unions, and our Board and management team are excited to watch the evolution of the new combined organization.
Because Consolidated has a very similar culture to our credit union. Consolidated has a passion for serving their members, while offering a large selection of high-quality products and services. We are fortunate, in that, we have partnered with Consolidated for the past five years and they have done a great job assisting our employees and members with residential and commercial real estate loan transactions. And, their CEO, Larry Ellifritz, has been a Hood River resident for over 22 years and he and his family have been very active in our community.
The merger should be completed by the beginning of 2021, but it will take the better part of next year to transition the Cascade member information to Consolidated’s systems.
Yes, we want to hear from our members and if you have questions, comments or concerns please let us know—we want your feedback. We will be hosting a special membership meeting to answer any questions our members might have regarding the merger. During this process, each eligible Cascade member will have the opportunity to cast their vote to determine the outcome of the merger.
Yes, Consolidated is federally insured, just like our credit union, and you will continue to have the same share insurance up to $250,000.
Cascade Central Credit Union Information
Cascade is not having financial difficulty, in fact, we have a 14% capital-to-asset ratio and have very sound financial metrics. Our federal and state regulators define a well-capitalized credit union as having a capital-to-asset ratio over 7%, so we are extremely well capitalized. In fact, Cascade and Consolidated are both financially sound credit unions. Consolidated was rated the 4th most secure credit union in the nation last year by www.depositaccounts.com.
Your checks, ATM/debit and credit cards will continue to work as normal. Eventually, you will receive a new ATM/debit and credit card, but you will not have any interruption of service during the transition. Potentially, your account number could change if it is a duplicate with a Consolidated member. Our goal is to make this transition as trouble-free as possible.
Yes, not only is Consolidated committed to keeping the branch open, they are planning to remodel the Cascade branch.
All the Cascade employees will be retained. The only employees not moving forward with the new organization are those employees who had already planned to retire.
This has not been determined yet. We will study the impact of a name change and make the best decision for all our members.
Consolidated Community Credit Union Information
They are a full-service credit union that serves anyone who lives, works, or attends school or church in Hood River, Klickitat, Clark, Multnomah, Clackamas, Washington, Columbia and Yamhill counties is eligible to join Consolidated Community Credit Union. 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.
Consolidated was originally formed by the employees of Consolidated Freightways in 1954. They now serve nearly 16,000 members and are over $265 million in assets serving members in eight counties in Oregon and Washington.
Larry Ellifritz, the current CEO of Consolidated Community Credit Union will continue as the CEO of the combined organization. Nancy Blanchette, the current CEO of Cascade Central Credit Union, will retire after 31 years of devoted service to the credit union. Nancy will be off to enjoy traveling and playing with her grandkids. She will truly be missed. We wish her all the best in her next adventure! We are excited to announce that Lisa Hobbs will be the Cascade Branch Manager. Lisa has been serving Cascade’s members for 18 years and looks forward to overseeing the Cascade Branch.
Consolidated has really enjoyed the mortgage lending partnership with Cascade and are looking forward to serving the Hood River/Mid-Columbia communities. This merger will improve the combined organization’s operation efficiencies, which will in turn enable us to offer more products and services at a more affordable price.