STCU and Banner Bank Agree to Four-Branch Transfer
March 1, 2022
Spokane Valley, Washington-based STCU has announced an agreement, subject to regulatory approval, to acquire four branch locations from Banner Bank, with an expected transaction date of June 24.
The branch locations are Chewelah, Colville, and Kettle Falls, Washington, and Hayden, Idaho. Along with the properties, STCU intends to acquire certain deposit accounts for current Banner clients, who would become STCU members.
Last Wednesday, the two Washington-based financial institutions filed applications for approval with all applicable regulatory agencies: the Federal Deposit Insurance Corporation, National Credit Union Administration, Washington Department of Financial Institutions, and Idaho Department of Finance.
“Once approval is granted, we will make this conversion as seamless as possible for Banner Bank clients,” said Ezra Eckhardt, STCU President and CEO.
Eckhardt noted that STCU currently has over 3,000 existing members in Stevens County, where the three Washington branches are located. The Hayden branch would enhance STCU’s service to residents of rapidly growing Kootenai County, where STCU currently has five existing branch locations.
“While members increasingly turn to digital tools like the STCU mobile app for everyday transactions, a face-to-face visit remains foundational to the STCU experience,” Eckhardt noted.
If the agreement with Banner is approved, STCU would grow to 40 branch locations in Eastern Washington, Tri-Cities, the Columbia Basin, and North Idaho. STCU intends to maintain all current Banner employees at the new locations.
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Posted in Around the NW.