GREAT FALLS, Mont.– Members of Embark Credit Union have voted in favor of merging into Spokane Valley, Wash.-based Horizon Credit Union.
Embark CU had $137.1 million in assets as of its most recent call report, while Horizons had $1.73 billion.
When the merger is completed, the combined CU will have more than 113,000 members and 31 branches across the inland northwest from central Washington, Montana, north and south Idaho and eastern Oregon.
“This merger unites two strong, successful credit unions with similar values by providing our members with quality service and keeping a commitment to staying local,” said Jeff Adams, president/CEO of Horizon. “We are excited to be bringing our products and services to the community of Great Falls.”
Added Deb Evans, president/CEO of Embark CU, “With the positive vote, we are pleased to officially join our two organizations together in late July. Together as one, Embark members will enjoy more products and services, additional technology, expertise in cybersecurity and more convenience.
The merger will be effective Aug. 1. The credit union said no layoffs are planned.
Disclosure to Members
As CUToday.info reported earlier, in its disclosure to members, Embark CU said it was seeking to merge because of the extremely competitive financial services environment.
“Catering to the future needs of current and future members is a road paved with substantial risk, although Embark’s financial resources sufficiently support current operations. In that vein, the combined expertise of both credit unions in every department will make the merged credit union stronger in serving membership and covering the entire charter.”
Embark also said Horizon will establish a “physical tribute” to the credit union in Embark’s current main branch, and will also $30,000 toward community outreach for two years after the merger.
Embark said there will be no net worth distribution to members if the merger is approved.
But Embark did say that numerous individuals, who were not identified in the disclosure forms, will receive payouts related to the merger, including vice presidents/assistant vice presidents, who will be paid between $10,000-$15,000; “Key contributor” positions, who will be paid between $2,500-$5,000, and all other employees, who will receive $1,500 each.
Bonus to be Paid
Current Embark CEO Evans will become is to receive a bonus of $100,000, with half paid by Embark prior to the merger. Evans is also to be employed through April of 2023, and should she depart for any other reason other than cause prior to that date she is to be compensated.
Evans is also to be provided with a deferred compensation plan that pays out either $500,000 in a lump sum, or $24,730 each year over 20 years.
Embark reported $1.132 million in net income during 2021, with 11.11% capital. Horizon CU reported $19.4-million in net income and capital of 11.98%.
Yes, FOMO is Very Real in this Case!
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com