GREAT FALLS, Mont. – A Montana credit union has announced plans to cross state lines with a merger.
The $132-million Embark Credit Union, which has approximately 10,000 members, said it is seeking to combine with the $1.7-billion Horizon Credit Union in Spokane Valley, Wash. Horizon has approximately 105,000 members.
In a statement, Embark said no employees will lose their jobs and all branch locations will stay open if the merger is approved. Pending approvals, the process is expected to be complete in 2022. The credit union said Embark CU CEO Deb Adams will move to a “regional” role following the combination.
Embark CU reported $817,644 in net income as of Sept. 30 with capital of 11.07%. Horizon CU reported $14.2 million in net income and net worth of 11.73%.
85-Year Legacy
“The Embark Board of Directors recognizes the importance of continuing the 85-year legacy of Great Falls Teachers Federal Credit Union, and later Embark Credit Union, by partnering in an alliance that will improve and expand products, services, and access for our current and future members, as well as provide career opportunities for Embark staff,” stated Deb Evans, Embark’s president and CEO, in a statement. “We were extremely pleased to get to know Horizon and find the immediate parallels in our philosophy and operations.”
“We are excited to partner with Embark Credit Union in the Great Falls community,” said Horizon CEO Jeff Adams said in a statement. “With Deb Evans as the regional leader, we look forward to collaborating to create additional value for the current membership and providing more options for consumers in the community. Our mission to improve the financial and personal well-being for more people in more places complements the mission and values of Embark Credit Union.”