Icon Credit Union and Horizon Credit Union Announce Plans to Merge
The longtime partners combine strengths and benefits of larger organization with local focus.
Icon Credit Union announced plans to merge with Horizon Credit Union, headquartered in Spokane Valley, Washington. Pending regulatory and member approval, the expanded organization will have combined assets of more than $1.4 billion with 28 branch locations across Idaho, Oregon, Montana, and Washington.
Unlike a bank buyout, a credit union merger is the result of a collaboration between two credit unions seeking to combine financial resources and expertise. The process is expected to be complete this year, pending approvals.
As the fiercely competitive landscape in financial services continues to change markets in Idaho and across the Northwest, the Directors and leadership teams of both credit unions sought to create greater value for its combined members, employees, and communities. Both Icon and Horizon were recognized among the “2019 Top 200 Healthiest Credit Unions in America,” and have demonstrated continued financial strength and success as independent organizations.
“This collaboration gives us the best of both worlds,” said Connie Miller, Icon President and CEO. “We have the opportunity to gain the competitive advantage and digital capabilities of a larger organization while maintaining the personal service of a local credit union. We’ve built a great credit union. We owe it to our members to continue to build on this strong foundation and ensure that we remain an industry leader for generations to come.”
Horizon previously partnered with Icon when its members in Coeur d’Alene transitioned to Horizon in 2013. Based on this experience, Horizon’s reputation for customer satisfaction, and shared core values, including a commitment to building financial success for members and communities, Horizon was an ideal choice.
“The Board was committed to finding a partner that respects Icon’s history and has a high level of commitment to member satisfaction,” said Pat Marler, Icon Board of Directors Chairman.
Miller will continue to lead the current market in the new organization as Regional President. Jeff Adams, President and CEO of Horizon, will become the President and CEO of the combined organization. Two members of Icon’s current Board of Directors will transition to the ongoing Board, and no employees at Icon or Horizon will lose their jobs as a result of the merger.
“We are excited to partner with Icon Credit Union in the Treasure Valley and Eastern Oregon communities,” said Adams. “With Connie Miller as the Regional President, we look forward to collaborating in creating additional value for the current Icon membership and providing more options for consumers in these communities. Our mission to improve the financial and personal well-being for more people in more places is a perfect complement with the current mission of Icon Credit Union.”
All branch locations will remain open and both organizations will continue to serve members as usual at their combined 28 branch locations as they work to fully integrate their systems.
“I am excited with how the combined resources and expertise of both organizations will immediately deliver enhanced innovation and convenience to all our members,” Miller said. “I have tremendous respect for the Horizon leadership team, and I look forward to seeing what our combined legacies can achieve together.”