SPOKANE VALLEY, Wash.–Two credit unions have announced plans to merge in a deal that would cross state lines and create a CU operating in four states.
The $340-million Icon Credit Union in Boise, Idaho, said it plans to merge into the $1.1-billion Horizon Credit Union in Spokane, Wash.
When complete, the merged institution would serve approximately 104,000 members via 28 branches across Idaho, Oregon, Montana and Washington. The credit unions said they hope to complete the combination in 2020.
“As the fiercely competitive landscape in financial services continues to change markets in Idaho and across the Northwest, the directors and leadership teams of both credit unions sought to create greater value for its combined members, employees and communities,” the credit unions said in a statement, adding both CUs were among the top 200 healthiest CUs in the U.S. during 2019.
“We are excited to partner with Icon Credit Union in the Treasure Valley and Eastern Oregon communities,” said Horizon President and CEO Jeff Adams, who will retain that title following the merger.
Connie Miller, president and CEO of Icon Credit Union, will become regional president of the merged institution.
‘Best of Both Worlds’
“This collaboration gives us the best of both worlds,” said Miller. “We have the opportunity to gain the competitive advantage and digital capabilities of a larger organization while maintaining the personal service of a local credit union. We’ve built a great credit union. We owe it to our members to continue to build on this strong foundation and ensure that we remain an industry leader for generations to come.”
Plans call for two members of Icon’s current board to join the board of the merged CU. The credit unions said there will be no job losses as a result of the merger.
Horizon Credit Union was formed in 1947. Icon Credit Union was chartered in 1952 to serve employees of the Idaho Department of Highways.