From NAR CEO, Dale Stinton (May 3, 2012)
I am excited for you to be among the first to know about some changes with one of our Second Century Initiatives. As you’ll recall, we set a bold goal for the REALTORS® Federal Credit Union to become one of the biggest and best in five years. Our thought was to be a 1 billion dollar credit union by 2014. Well, we’re hoping to get there sooner. As a result of RFCU being the fastest growing credit union in the country in 2011, and the incredible state of the art ‘virtual credit union’ platform we’ve built, there has been a lot of interest in our progress by the rest of the credit union industry.
As a result, the Board of the REALTORS® Federal Credit Union has voted unanimously to merge with Northwest Federal Credit Union. Northwest FCU has been in operation for 65 years with assets over $2 billion, with members in all 50 states and participates in a shared branch network of over 4,300 locations throughout the country. All members of the REALTORS® Federal Credit Union will receive a ballot for merger proposal today via email, notifying them of this merger and asking them to take action.
I can share with you that this allows the REALTORS® FCU brand to prominently continue as a division of Northwest FCU only now we will have access to the incredible array of products and resources that comes with this $2 billion entity. Members will immediately benefit from Northwest FCU’s competitive rates on loans and share accounts as well as benefit from existing state of the art products and services. Northwest FCU will work closely with NAR to ensure that the credit union’s products and services meet the specific needs of REALTORS®. REALTORS® will continue to have a voice in their credit union through participation on the Board of Directors of Northwest FCU and on a REALTOR®-centric advisory committee to the Board. Additional details are part of the proxy email sent from REALTORS® FCU.