STCU and CDFCU Merger to Complete Oct. 1
September 7, 2021
STCU announced last week that its merger with Coulee Dam Federal Credit Union (CDFCU) will be complete on Oct. 1.
The merger, which maintains current staffing at CDFCU locations, was approved by state and federal regulatory agencies and by unanimous votes of the boards of both credit unions. Put to a vote of CDFCU members, the merger was approved by a large majority.
In preparation for the merger, Spokane-based STCU mailed information to CDFCU members in late August, outlining how their accounts will transition into STCU accounts and other need-to-know information. More detailed information, specific to each member, will be provided prior to the merger, which has been in discussions for a year
“Preparing for the merger has been a major project involving thousands of details,” said Colleen Manley, CEO of CDFCU. “The two teams have worked well together, and share a common goal of making the transition as seamless as possible for our members.”
Other recent merger-related activity includes some remodeling and painting at CDFCU locations. In addition, CDFCU staff are receiving remote training to become familiar with STCU systems and processes. Starting early this month, communities served by CDFCU will start seeing STCU messaging on billboards, in newspaper ads, and online.
But most of the work has been behind the scenes, where IT departments and others are ensuring that the transfer of member data goes smoothly on Oct. 1.
“This is a natural match for a friendly, beneficial merger,” said Ezra Eckhardt, STCU President and CEO. “While the name will be different, the care and dedication that has earned the trust of CDFCU members will remain unchanged.”
Founded in 1941, CDFCU originally served U.S. Bureau of Reclamation employees at Grand Coulee Dam. Today, it has $199 million in total assets and serves 14,000 members in Coulee Dam, Brewster, Republic, Creston, and Omak, Washington.
STCU started in 1934 to serve schoolteachers during the Great Depression. It has $4.3 billion in assets, more than 210,000 members, including more than 3,000 in the communities served by CDFCU. STCU opened its 30th location on Sept. 1 in Spokane Valley.
While both credit unions are financially sound, it is increasingly difficult for small and medium-sized credit unions like CDFCU to provide the technology and financial products needed to ensure continued success. STCU has the resources to meet those challenges.
STCU’s marketing efforts in the region include features on “dual citizens,” as members of both credit unions are affectionately known. Those featured are Electric City resident John Nordine, and Kirsten Brudevold, a fisheries biologist working on salmon restoration efforts.
Brudevold, an Omak resident and longtime CDFCU member, joined STCU while attending Eastern Washington University. She described the upcoming merger as “a little bit Spokane, a little bit Omak,” adding, “STCU will be great for our community.”
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Posted in Around the NW.