STCU to Acquire Customer Accounts from Banner Bank Branch in Idaho
April 30, 2019
4/30/2019STCU’s new Bonner County branch is scheduled to open in June, in time to welcome the new members STCU will acquire from Banner Bank’s branch in Ponderay, Idaho. The acquisition is pending regulatory approval and is expected to be complete by August.
In an agreement pending regulatory approval, STCU is acquiring the client accounts from Banner Bank’s Sandpoint, Idaho, branch. Washington-based STCU and Banner have agreed to the acquisition and have requested state and federal approval on the sale of the accounts.
In June, STCU will open its new Bonner County branch in Ponderay, located off U.S. Highway 95 at Kootenai Cutoff Road, giving Banner Bank clients access to a new branch after the acquisition is completed, which is expected in August.
“Once approval is granted, we will make this conversion as seamless as possible for Banner Bank clients,” said STCU President and CEO, Ezra Eckhardt. “The timing couldn’t be better, with the opening of our new Bonner branch location. It’s an exciting time for us in North Idaho, and we can’t wait to show our new members everything that makes STCU a great financial partner.”
STCU has been through the account acquisition process before, when it acquired the accounts of a Wheatland Bank branch in Cheney, Washington, in 2003.
All of Banner’s Sandpoint branch employees will be offered employment at STCU.
STCU has maintained its presence in Bonner County since 2009, when it opened its original Bonner County Branch. The credit union immersed itself in the community by taking key roles in financial fairs and workshops, supporting events, and providing financial gifts to local organizations.
“At STCU, ‘Here for good’ isn’t an empty slogan,” Eckhardt said. “It’s our promise as an organization. We do our best to live it every day, with every member interaction, and in our service to the community.”
STCU has five Idaho branch locations, with a sixth expected to open this year in Rathdrum, Idaho.
Posted in Around the NW.