Numerica lends 95.98% of its shares and carries $352 million in borrowings and non-member deposits. SELCO lends 73.48% and carries neither. The combination would hold $7.3 billion in assets and 331,160 members under SELCO’s Oregon charter, operating as Numerica.
The deal
Numerica Credit Union and SELCO Community Credit Union announced plans to merge on October 28, 2026.1 Numerica, a $4.3 billion credit union based in Spokane Valley, Washington, plans to merge into SELCO, a $3.0 billion credit union based in Springfield, Oregon. The combined credit union would operate under SELCO’s Oregon charter and take the Numerica Credit Union name.
According to the joint release, both boards approved the merger unanimously. The merger requires regulatory approval and a vote of Numerica’s members.2 Numerica’s president and CEO would lead the combined credit union. SELCO’s president and CEO would lead SELCO through the legal integration and then retire. The parties expect legal integration to be complete by early 2028.
CUCollaborate classifies a combination by the smaller party’s assets as a share of the larger party’s. SELCO’s $3.01 billion is 69.6% of Numerica’s $4.32 billion, which places this deal in the band CUCollaborate calls a merger of similars, just below the 70% line. Deals at 70% or above are classed as mergers of equals, and those under 30% as absorptions. The bands are CUCollaborate’s own, not an industry standard. Here the smaller party’s charter is the one that continues.
At a glance
Figure 1: Numerica Credit Union and SELCO Community Credit Union at a glance, June 30, 2026 unless noted
| Numerica Credit Union | SELCO Community Credit Union | Combined | |
|---|---|---|---|
| Scale | |||
| HQ / charter | Spokane Valley, WA / Washington state charter | Springfield, OR / Oregon state charter | SELCO (Oregon state charter) |
| Field of membership | Washington statewide; North Idaho | 27 Oregon and 8 Washington counties | Expected: Washington statewide, North Idaho, and 27 Oregon counties |
| Total assets | $4.32B | $3.01B | $7.33B |
| Members | 179,425 | 151,735 | 331,160 |
| Branches / employees (FT, PT) | 23 / 631, 13 | 15 / 472, 14 | 38 / 1,103, 27 |
| Capital | |||
| Net worth ratio | 12.03% | 11.93% | 11.99% |
| Earnings | |||
| Return on assets, trailing 12 months | 0.94% | 0.89% | 0.92% |
| Operating expense / average assets, trailing 12 months | 3.17% | 3.13% | 3.15% |
| Funding and liquidity | |||
| Loan-to-share | 95.98% | 73.48% | 86.56% |
| Cost of funds, trailing 12 months | 2.47% | 1.80% | 2.20% |
| Borrowings / non-member deposits | $160.4M / $191.6M | None / None | $160.4M / $191.6M |
| Credit | |||
| Allowance to loans | 1.18% | 0.99% | 1.11% |
| Indirect loans / total loans | 20.05% | 38.70% | 26.68% |
Source: NCUA Form 5300 call reports, June 30, 2026, unless noted. Trailing 12 months covers July 2025 through June 2026. Combined figures are simple sums or ratios recomputed on combined balances, before merger accounting adjustments. The expected combined field of membership assumes both current fields carry over; it is undisclosed and requires approval.
What the parties say
Both credit unions frame the combination around added capacity. According to the joint release, the merger would let the combined credit union offer more products and services, invest more in technology and account security, and support its long-term financial health.1
The parties have made several operating commitments. Because the two serve distinct areas, there are no plans to consolidate branches. Members would see no immediate changes, and the two credit unions would operate separately until systems are integrated.
What the data shows
Funding. The two balance sheets fund their lending in different ways. Numerica lends 95.98% of its shares and carries $160 million in borrowings and $192 million in non-member deposits. SELCO lends 73.48% of its shares and carries neither. SELCO’s cost of funds over the past four quarters was 1.80%, compared with 2.47% at Numerica. The merger would pair SELCO’s lower-cost deposits with Numerica’s loan demand. The combined loan-to-share ratio of 86.56% would sit above the 82.85% aggregate for all federally insured credit unions and the 83.36% aggregate for credit unions with $5 billion to $10 billion in assets.
Earnings and credit. The two credit unions post similar earnings. Numerica’s return on assets over the past four quarters was 0.94%, compared with 0.89% at SELCO. Indirect loans make up 38.70% of SELCO’s loans, compared with 20.05% at Numerica. Loans 60 or more days delinquent equal 0.35% of loans at Numerica and 0.37% at SELCO. Annualized net charge-offs for the first half of 2026 were 0.24% at Numerica and 0.42% at SELCO.
Footprint and cost. Neither credit union has a branch in a county where the other has one. Numerica’s branches sit in eastern and central Washington and North Idaho, while SELCO’s 15 branches are all in Oregon. Any savings would likely come from back-office systems, technology, and vendors rather than branch closings. The two run at similar cost, with operating expense of 3.17% of average assets at Numerica and 3.13% at SELCO over the past four quarters. By calculation, matching SELCO’s ratio would lower Numerica’s operating expense by about $1.3 million a year, or about $7 per Numerica member, before integration costs.
The two fields of membership overlap. SELCO’s charter reaches eight western Washington counties, all within Numerica’s statewide Washington field of membership. Neither credit union has said how Numerica’s statewide Washington and North Idaho eligibility would carry over to the SELCO charter. The Washington portion has precedent. In 2021, Rivermark Community Credit Union, an Oregon state charter, absorbed Lighthouse Community Credit Union, a Washington state charter, and kept Lighthouse’s statewide Washington field of membership.4 Under Oregon law, a community field of membership covers a well-defined local community, neighborhood, or rural district, as Oregon’s regulator determines.9
Disclosure status
Figure 2: What the joint release discloses, and what it does not
| Element | Status | What the record shows |
|---|---|---|
| Surviving charter and legal name | Disclosed | SELCO’s Oregon charter continues; the combined credit union takes the Numerica Credit Union name |
| CEO and president roles | Disclosed | Numerica’s president and CEO leads the combined credit union. SELCO’s president and CEO leads the legal integration, then retires. |
| Board seat split | Not yet disclosed | Not stated in the joint release. |
| Headquarters | Disclosed | Springfield, Oregon; Spokane Valley, WA becomes a secondary headquarters with the CEO’s office |
| Executive team beyond CEO and president | Not yet disclosed | Not stated in the joint release. |
| Employee retention commitments | Not yet disclosed | Not stated in the joint release. |
| Branch changes | Disclosed | No plans to consolidate branches |
| Systems conversion | Not yet disclosed | Timing not stated. The two operate separately until systems are integrated. |
| Changes to dividends, rates, or fees | Not yet disclosed | Post-merger pricing not stated. The release says members see no immediate changes. |
| Merger-related compensation | Not yet disclosed | Not stated. Part 708b requires disclosure in the member notice. |
| Member vote date and outcome | Not yet disclosed | Date not set. Numerica members vote after regulatory approval. |
| Expected legal closing | Disclosed | Legal integration expected by early 2028 |
Source: Numerica and SELCO joint merger release, October 28, 2026; Numerica Credit Union merger information page; 12 CFR Part 708b.
Regulatory path and what’s next
The Washington Department of Financial Institutions reviews the merger because Numerica holds a Washington charter. The Oregon Division of Financial Regulation reviews it because SELCO’s charter continues. NCUA must review the merger because both credit unions are federally insured, under its merger rule, 12 CFR Part 708b.6
The combined credit union’s footprint brings in other state rules. Under RCW 31.12.471, a credit union chartered in another state needs approval from Washington’s director to operate a branch in Washington and must comply with Washington’s field of membership provisions.7 Under Idaho Code 26-2152, a credit union chartered in another state needs a permit from Idaho’s Department of Finance to operate in Idaho.8 The announcement does not name Idaho’s regulator among the approving agencies.
Only Numerica’s members vote, because Numerica is the credit union merging into SELCO. Under RCW 31.12.464, approval takes a majority of members voting unless Numerica’s bylaws set a higher threshold.7 The next public document is Numerica’s notice of special meeting, which is expected to describe the merger terms and disclose any merger-related compensation covered by the rule. NCUA also posts merger notices on its website, where members can submit comments.
How CUCollaborate can help
Our Merger Member Benefit analysis prices every account on both credit unions’ rate and fee schedules. If your board is weighing a merger or preparing its member notice, book 30 minutes with our team.
Sources
- Numerica and SELCO joint merger release, October 28, 2026.
- Numerica Credit Union, merger information page.
- Numerica merging with Oregon-based credit union, The Spokesman-Review, October 28, 2026.
- Rivermark-Lighthouse merger coverage, Vancouver Business Journal, June 9, 2021.
- NCUA Form 5300 call report data, June 2025 through June 2026, via NCUA’s Research a Credit Union and Credit Union and Corporate Call Report Data pages.
- 12 CFR Part 708b, NCUA’s merger rule for federally insured credit unions, including the member-notice disclosure of merger-related financial arrangements (§ 708b.106).
- Washington State Credit Union Act, RCW 31.12, including RCW 31.12.464 and 31.12.471.
- Idaho Code 26-2152, interstate credit unions.
- ORS Chapter 723, Oregon Credit Union Act, including ORS 723.172.
Data notes. Call reports are the source of record. The release cites nearly $8 billion and more than 325,000 members combined. The June 30, 2026 call reports show $4,321,682,065 and 179,425 members at Numerica, and $3,006,504,811 and 151,735 members at SELCO. Combined figures are simple sums or ratios recomputed on combined balances, before merger accounting adjustments. The expected combined field of membership assumes both current fields carry over; it is undisclosed and requires approval. Trailing 12-month figures equal full-year 2025 less the first half of 2025, plus the first half of 2026. Return on assets and the operating expense ratio divide by the mean of June 30, 2025 and June 30, 2026 total assets. Cost of funds divides dividend and interest expense on shares plus interest on borrowed money by the mean of shares plus borrowings at those dates. Allowance to loans uses the CECL allowance for credit losses on loans and leases. Delinquency counts loans 60 or more days past due. Net charge-offs are first-half 2026 charge-offs less recoveries, doubled, divided by the mean of December 31, 2025 and June 30, 2026 total loans. Operating expense calculation: Numerica’s trailing ratio (3.17%) less SELCO’s (3.13%), times Numerica’s average assets of $4,196,390,648, equals about $1,338,000, or $7.45 per Numerica member. The figure is before integration costs. Loan-to-share benchmarks are aggregate June 30, 2026 call report totals for all federally insured credit unions and for those with $5 billion to $10 billion in assets.
