Klamath Public Staff Federal Credit score Union in Klamath Falls, Oregon, and Pacific Crest Federal Credit score Union in Klamath Falls have agreed to merge.

The mixed entity would have greater than $335 million of belongings and roughly 24,000 members (Klamath Public has $59.four million of belongings whereas Pacific Crest has $277 million). The deal is awaiting regulatory approval and a vote of affirmation from members of Klamath Public FCU.

“Our two credit score unions already take pleasure in a cooperative relationship and a typical tradition, wholeheartedly embracing the credit score union philosophy of individuals serving to folks. … This merger is about doing what’s finest for our members and assuring that our area continues to have native choices made by native individuals who reside and work right here,” the credit score unions stated in a joint press launch.

No layoffs are anticipated and all branches are anticipated to stay open.

Pacific Crest recorded a internet revenue of $501,645 for the second quarter of this yr, down from roughly $1.5 million in 2021. Klamath Public Staff reported $172,262 in internet revenue for the second quarter, down barely from $194,614 yr over yr.