STCU Acquisition of Four Umpqua Bank Branches Now Complete
December 15, 2020
Four former branches of Umpqua Bank recently opened as branches of Spokane-based credit union, STCU, following the acquisition of the facilities and their members by the credit union.
STCU sought regulatory approval to acquire the four Umpqua locations back in September, and after the NCUA, FDIC, and Washington State Department of Financial Institutions gave the green light, the deal closed on Dec. 4.
The credit union changed signage and made other adjustments at the branches at Medical Lake, Ritzville, Coulee City, and Othello, Washington, before opening. STCU said Umpqua branch employees accepted positions at the credit union, so staffing will not change.
“The conversion provides a convenient branch experience for existing STCU credit union members in rural communities, while bringing more than 5,000 Umpqua customers into the STCU family,” the credit union said.
The conversion provides a convenient branch experience for existing STCU credit union members in rural communities, while bringing more than 5,000 Umpqua customers into the STCU family. The converted branches will be STCU’s first locations in Adams and Grant counties, while bolstering its presence in the growing West Plains area west of Spokane.
“Knowing these two organizations as I do, I am confident that the well-being of Umpqua customers and STCU members will be foremost on the minds of everyone involved in this project, along with the good of these four communities,” said Ezra Eckhardt, President and CEO of STCU, in a September press release. “We can’t wait to show our new members everything that makes STCU a great financial partner.”
Following the acquisition, STCU now has more than 215,000 members.
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Posted in Around the NW.