Numerica and SELCO to merge into $8B, 325,000-member credit union
What's the deal? Numerica Credit Union and SELCO Community Credit Union have agreed to a merger of equals that would create a combined institution with nearly $8 billion in assets and more than 325,000 members. The deal, announced in October 2026, would form Oregon's second-largest state-chartered credit union, spanning Oregon, Washington, and northern Idaho.
The terms: The combined entity will operate under the Numerica name, using SELCO's Oregon charter, with its primary headquarters in Springfield, Oregon. Numerica's existing base in Spokane Valley, Washington, becomes the secondary headquarters and home to the CEO's office. Numerica president and CEO Carla Cicero will lead the merged credit union.
What changes for members? Little, at first. With limited geographic overlap, the two have no plans to close branches, and the combined organization is expected to operate 38 locations. Both institutions will keep running independently under their existing brands until legal integration, expected by early 2028.
Why now? Each brings scale the other lacks. Numerica serves more than 175,000 members with over $5 billion in assets, while SELCO has more than 150,000 members and over $3 billion. The two said their combined size should support more investment in technology, account security, products, and community programs.
What's next for leadership? SELCO president and CEO Bob Newcomb will steer his organization through integration, then retire, ending a career of more than 44 years in the industry. The merger has unanimous board approval but still needs regulatory sign-off and a vote by Numerica's members.
What could go wrong? The "merger of equals" framing sits uneasily beside the outcome: Numerica keeps its name, CEO, and leadership of the combined institution. Regulatory approval and the Numerica member vote remain outstanding, and full integration is more than a year away.
The signal: Credit-union consolidation continues even as the sector grows — the National Credit Union AdministrationDealroom has a profile for this one. Try Dealroom → reported 157 mergers in 2025, and the number of federally insured credit unions fell to 4,250 in the first quarter of 2026 from 4,411 a year earlier. Most are small institutions absorbed by larger ones. This deal, built on geographic complementarity rather than overlap, is a bet that scale, not cost-cutting, is the path to competing on technology and services.
Read more: pulse2.com
Image credit: Generated with Gemini
