Spokane Valley-based Numerica merges with Pasco credit union

Numerica Credit Union has announced its merger with Monad Federal Credit Union, of Pasco.

Monad membership approved its merger with Spokane Valley-based Numerica on Feb. 5, according to a Numerica news release. The agreement was filed with the Washington secretary of state Feb. 28 and became effective March 1.

The merger was precipitated when Camelia Uhling, Monad’s president and CEO, announced her upcoming retirement, according to the release.

Numerica, which said it had more than $2 billion in assets at the time of the merger, absorbed $14.8 million in Monad assets and gained roughly 2,500 members.

The boards of directors of both credit unions and their CEOs supported the move, “viewing it as an opportunity to combine resources to take advantage of the key strengths of each credit union …,” the release said.

Numerica and Monad share similar origins and “a passionate focus on the financial well-being of our members and the common purpose of people helping people,” said Carla Cicero, Numerica president and CEO.

Numerica was founded as Spokane Railway Credit Union in the 1930s. Monad Federal Credit Union was chartered in 1955 by a group Northern Pacific Railway employees, according to its website.