ICCU is an Idaho based state charter reporting $14.8 billion in total assets, serving 769.0000 members via 63 branches and 2,000 employees. In 2025 ICCU opened four new branchesn two in Washingtom and two in Arizona. via a merger with Topcu.
CALCOE FCU, chartered in 1937 has $40 milion assets serving 4,000 members with its main office in Yakima. WA and a branch in Moxee, It is a strong credit union with deep local roots and low income designation. At. CALCOE’s Special Meetin onMarch 6, 2026 the voting closed on a merger proposal from ICCU whose main office is 345 miles and five hours driving time away.
This long serving, successful community owned and directed credit union exists no longer. It is merely a branch operaation now run by the 18th largest credit union in the country.
Here’s what the members posted about the merger.
From Facebook Post On Calcoe Merger
If you bank at Calcoe please get ready to vote as they are trying to merge with a different credit union. VOTE NO ON THE ICCU MERGER
Why CALCOE Federal Credit Union Should Remain Independent
This merger permanently dissolves CALCOE. Members deserve the full picture before voting.
No Direct Financial Benefit to Members
Members receive no payout or distribution of CALCOE’s accumulated net worth.
Net worth built by members over decades transfers entirely to ICCU.
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Executive Compensation Shows Who Truly Benefits
While members receive no financial benefit, only one person is guaranteed to financially benefit from this merger: CALCOE CEO Leslie Johnson.
Disclosed compensation tied to the merger includes:
Two retention bonuses of $13,600 each
A salary increase to $136,000
A long-term split-dollar benefit that could provide $30,000 per year for up to 20 years
No other member receives anything comparable. This creates a clear conflict of interest and raises serious concerns about whether the merger recommendation is driven by member benefit or personal gain.
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Loss of Local Control
CALCOE is a locally governed Yakima Valley credit union.
After the merger, decisions will be made by a large, out‑of‑area institution.
Local accountability and member influence are lost permanently.
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Higher Fees & More Complex Policies Likely
CALCOE historically operates with lower minimums and fewer fees.
Large credit unions typically bring:
Less flexibility for members
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CALCOE Is Financially Healthy
CALCOE has a higher net worth ratio than ICCU.
This is not a bailout or emergency merger.
A healthy credit union should explore alternatives before surrendering independence.
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Technology Does Not Require a Merger
Modern banking tools are widely available through vendors and partnerships.
Many independent credit unions successfully upgrade technology without merging.
Losing local control is an extreme price to pay for services already available elsewhere.
Permanent Decision
Once CALCOE is merged, it ceases to exist forever.
Members cannot undo the decision if fees rise or service declines.
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Bottom Line
This merger does not benefit CALCOE members.
It does not provide a member payout. It does not preserve local control. It does not improve member ownership value.
The only guaranteed financial winner is Leslie Johnson, while members permanently lose their independent credit union.
Vote NO to keep CALCOE local, independent, and member-owned.
All reactions:
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The Existential Question for America’s Credit Unions
Who benefits from these transfers of control of long accumulated member wealth?
From the member-owners’ pointof view this is a leadership and institutional failure. The merger destroy the “hometown” local advantage that gives credit unions their compeitive superiority..
The members have assessed the situation correctly. Their leadership sold out. They will. be credit union sceptics forever. The legacy reputations and coop advantages are ruined for them. the credit union system sustains another hit..
