Page 4
The INDEPENDENT, May 15, 2003
Business Notes
VFCU members agree
to merger with Wauna
Recognizing the need for in
creased services, members of
the Vernonia Federal Credit
Union voted to merge with
Wauna Federal Credit Union at
their annual meeting, May 10.
In action as decisive as the
initial formation of the Credit
Union in 1940, 114 members
voted in favor of the merger,
one opposed it and two blank
ballots were turned in.
Prior to the balloting, VFCU
Manager Randy Holce re
viewed the process used by the
local board in reaching the de
cision to recommend a merger
with Wauna. Though they
looked at a few potential part
ners, St. Helens FCU was the
only other serious contender.
Holce emphasized his con
cern that the merger partner
could retain the feel of a small
town credit union, and not act
like a city financial institution.
“The Wauna people feel right,”
he said, “They’re our kind of
folks."
Wauna had to get approval
to incorporate Vernonia into its
field of membership before the
merger could be completed.
That was a federal require
ment.
But they also had to meet
some requirem ents insisted
upon by the local board, includ
ing continuation of the scholar
ship for a graduating Vernonia
High School student, sponsor
ship of a Little League baseball
team and continuation of the
VFCU life insurance program
for 15 years. Holce will also sit
on the Wauna board of direc
tors.
VFCU members can expect
a closing statement showing
account activity and balances
for five months, January
through May, of this year. The
closing statement will reflect
regular dividends, plus merger
dividends resulting from the
$150,000 paid to VFCU as part
of the merger. Though Wauna
is much larger than the Vernon
ia CU, VFCU has a higher per
centage of capital and the
$150,000 was needed to make
the transaction equitable.
In one of those “small world”
situations, one volunteer Wau
na committee member is Laura
Brewer, of Clatskanie, who is
the daughter of Ruth Steers,
one of the charter members of
the local credit union. Laura is
also the sister of Alice Smith
and Mary Cota of Vernonia.
Sam
Hearing,
Randy
Holce’s uncle, is also a charter
member. He was unable to at
tend the meeting because of
health problems.
Ed Roediger - account num
ber 96 - attended and won a
door prize.
Wauna will offer full services
in Vernonia, with an ATM ma
chine, credit and debit cards,
checking accounts and much
more. It will take until about the
middle of June for the ATM
equipment to arrive in Vernon
ia, but remodeling will begin
very soon.
Dave Baggett, the Wauna
CEO, noted that all of its serv
ice towns are economically dis
tressed communities. In addi
tion to its headquarters in
Clatskanie, it has offices in
Rainier and Astoria.
When the doors open on
Monday, June 2nd, the name of
the local credit union will be
Wauna Federal Credit Union.
Vernonia Credit Union Manager Randy Holce, Wauna Federal CEO Dave Baggett and Lead
Member Service Rep Brandi Page enjoyed a breath of fresh air on the deck at the Scout Cab
in in Hawkins Park. Page will be in charge of the Vernonia office.
Tractor Safety & Farm Machinery Clinic set June 4
Oregon youth, 14 - 17, are
required to complete a state
approved training program in
order to operate or assist in op
erating tractors or farm machin
ery.
A Tractor Safety & Farm Ma
chinery Clinic will be held
Wednesday, June 4, from 4:00
,Jj
Local Bankruptcy Attorney
Fees Starting at $299
Ireland at Law
503-324-1500
The American Legion # 119
Invites you to
Bingo
Saturday Nights
twice a month!
American Legion Hall
627 Adams Ave. Vernonia
May 1 7
6:30 p.m.
to 9:00 p.m., Thursday, June 5,
from 4:00 to 9:00 p.m., Friday,
June 6, from 4:00 to 9:00 p.m.
and Saturday, June 7, from
8:00 a.m. to 6:00 p.m. at Hills
boro High School, 3285 SE
Rood Bridge Rd.
The clinic is open to the first
25 participants. Registration
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forms are available at the OSU
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For more information and
registration forms, call the OSU
Extension Service 4-H at 503-
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gonstate.edu/extension/w ash
ington>.
VERNONIA INN
Enjoy a quiet weekend with us.
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FOR RESERVATIONS CALL
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