ILWU Credit Union

Why did Portland Local 8 FCU pursue a merger with ILWU Credit Union?

We wanted to bring our members the best value while ensuring we could continue to grow. This meant delivering better products and services, increased efficiency, and providing a stronger and more resilient financial future for our members and our community. For small credit unions like Portland Local 8 FCU, achieving this independently was a giant task that required time, resources, and capital. By partnering with ILWU CU, we ensured this credit union would be here to serve future generations of members and could better withstand economic fluctuations for long-term relevancy and sustainability.

Our credit union already shared many common bonds with ILWU Credit Union: we were formed in 1954 to serve ILWU members (Local 8 and Local 13, respectively); our workforces are union, we value solidarity, and we both have been trusted by the longshore community for over 70 years. The Portland Local 8 FCU Board of Directors and Leadership Team believed that merging with ILWU Credit Union strengthened that trust and allowed us to leverage a larger pool of resources, talents, and skills to meet the growing financial needs of our members. ILWU Credit Union has remained dedicated to taking care of our employees and members while preserving our history and roots as an ILWU/Maritime/Labor Union-focused financial cooperative.

Do both credit unions support the merger?

Yes! The Board of Directors of both credit unions approved the proposed merger unanimously and are very excited about this merger with the growth and benefits it brings to our members, team members, and communities.

Who is ILWU Credit Union?

In 1954, a small group of ILWU Local 13 members founded ILWU Credit Union as a trusted, not-for-profit financial cooperative for longshoremen and their families. Today, ILWU Federal Credit Union (ILWU Credit Union) is the largest credit union serving the unique financial needs of ILWU members within California, Hawaii, and Alaska. They offer lower loan rates, higher savings rates, enhanced access services, and products and programs designed exclusively for union workers. At 28,000 members and over $517 million in assets, ILWU Credit Union is a safe, strong, financial institution – poised for future growth and long-term stability. To learn more about the history of ILWU Credit Union, click here.

What will happen to the Portland Local 8 FCU employees?

No employees will lose their employment as a result of this merger. All employees of Portland Local 8 FCU will continue to be employed by ILWU Credit Union, so the same friendly staff at our branch will be available to serve you, with Josh Hansen as Branch Manager. You will also have the additional support of the ILWU Credit Union team members in California and Hawaii and a dedicated Call Center to assist you.

Will the the Portland Local 8 FCU Branch remain open after the merger?

YES! ILWU Credit Union has no plans to close our branch. They intend to build upon the foundation we have established here and will continue to operate the current branch (located next to the ILWU Local 8 building), with the same hours, service, and integrity that you have come to expect.

When I call the credit union will I be able to speak to the Portland Branch Team?

YES! ILWU Credit Union’s phone system will automatically route calls from the Portland Local 8 FCU members to the Portland Branch first. If the Portland Team members are busy and unable to take the call, the call would re-route to the ILWU Credit Union Call Center.

How will the merger benefit Portland Local 8 FCU Members?

A merger between Portland Local 8 FCU and ILWU CU would provide the opportunity to achieve more positive member impact and value such as:

More Member Access

• A total of 7 branches in 3 states, including the existing Portland branch, as well as existing CO-OP Shared Branches. To find an ATM or Shared Branch near you click here.
• A Call Center dedicated to phone support, ensuring our members are served in a timely manner
• Tap “contactless” credit and debit cards and in-branch instant issue for credit and debit cards
• Expanded digital banking tools with enhanced fraud protection and external transfers feature to simplify your everyday banking

More Products & Services
As a larger organization, we would ultimately gain economies of scale which will allow us to offer an even more robust product and service line, reduce costs, and return more value in the form of products, services, and community involvement (to name a few) to existing and future members.

• Reduction in overall service fee costs
• High-yield Contract Security Account
• Broader selection of credit cards
• Retirement Planning and Investment Services*
• Financial education resources
• Expanded in-house real estate loan services

More Responsive To Evolving Finanial Needs
The economies of scale that come with this partnership would provide assurance that our membership has their own credit union for many years to come and allow us to better anticipate and meet your unique financial needs.

What is the merger process and timeline?

Our Board of Directors, Leadership Team, and the National Credit Union Administration (NCUA) have approved our merger plans. With member support for the merger through the voting process, we anticipate that our first legal day as a combined organization will be September 1, 2025.

1. Legal merger date would be September 1, 2025.
2. Post-merger systems conversion would be December 1, 2025. (Operational Day 1) – This is the day when Portland Local 8 FCU and ILWU Credit Union merge core systems.
3. Credit card conversion will most likely occur in the first quarter of 2026. While debit cards will convert on Operational Day 1, credit cards will not be converted until early 2026.

What will the merged credit union be called?

The combined credit union will be ILWU Credit Union.

Who will lead the credit union? Who is the CEO?

Ralph Ruiz, the current President and CEO of ILWU Credit Union will be the CEO of the combined credit union. Portland Local 8 FCU’s President/CEO, Jon Labonite, will continue in an executive position at ILWU Credit Union following the merger.

What happens to the Portland Local 8 FCU Board of Directors?

Two of our current Portland Local 8 Board members will continue to serve as part of the Volunteer Leadership group at ILWU CU, ensuring strong, experienced, and committed representation for the members of Portland Local 8 FCU. Their presence guarantees that Portland’s voice remains active and influential in shaping the future of our credit union.

Will ILWU Credit Union continue the level of community support that Portland Local 8 FCU has long established?

Yes, ILWU Credit Union is not only committed to continuing the level of community support we have established, but they also plan to implement ongoing and comprehensive marketing and business development efforts in Portland. For years, ILWU Credit Union has proudly supported many ILWU events, including annual conventions, caucuses, community events, and scholarship programs. In addition, they support the charities and causes important to the communities they currently serve throughout California, Hawaii, and Alaska.