SPOKANE, Wash.–Two Washington State credit unions have announced plans to merge. The $3.8-billion Spokane Teachers CU, better known as STCU, and the $181-million Coulee Dam FCU said they are seeking to combine.
The CUs said both boards have unanimously agreed to the merger and that no layoffs are planned. The deal now seeks federal and state regulatory approval.
“Both credit unions are financially sound. Yet, 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,” the credit unions said in a statement. “As one of the nation’s top-100 credit unions, STCU has the resources to meet those challenges. At the same time, the merger would provide a convenient branch experience for nearly 3,000 existing STCU members who live in Okanogan, Douglas, Ferry and Lincoln counties.”
History of the 2 CUs
Coulee Dam FCU originally served U.S. Bureau of Reclamation employees at Grand Coulee Dam, and some of its 14,000 members can trace their membership to the credit union’s founding in 1941, the credit unions said. It currently has five branches, in Coulee Dam, Brewster, Republic, Creston and Omak, Wash.
STCU started in 1934 to serve schoolteachers during the Great Depression. The Liberty Lake, Wash.-based credit union has more than 210,000 members and 29 locations in Eastern Washington, Tri-Cities, the Columbia Basin, and North Idaho.
“This is an exciting time for our credit union and members,” said Colleen Manley, CEO of CDFCU. “STCU provides a full suite of products and services that will be available to our members. Most importantly, our membership will continue to see familiar faces when they visit their favorite branch. In the communities we serve, CDFCU employees are their neighbors and friends.”
Both credit unions said they are deeply involved in their communities, including serving leadership positions in chambers of commerce and other community organizations, support for a host of non-profits, and promoting employee volunteerism.
A Natural Match
“As we talked with the team at CDFCU, it became apparent that our credit unions are a natural match for a friendly, beneficial merger,” said Ezra Eckhardt, STCU president and CEO. “We’re excited to bring these teams together for the good of credit union members and the communities we serve.”
If approved, plans call for the merger to be completed in summer or fall. The combined CU would have approximately 225,000 members.