LEWISTON, Idaho–Potlatch No. 1 FCU here is looking to change charters in order to expand into four additional counties in the state-and and perhaps out of state.
A move to a state charter would allow it to open branches in Payette, Gem, Washington and Adams counties in Idaho, the credit union told the Lewiston Tribune.
Moreover, once it expands under a state charter into the four additional counties, it might also consider expansion in Washington and Oregon, both of which have regulatory reciprocity with Idaho, P1FCU President and CEO Chris Loseth told members during a meeting at which members cast ballots on the proposal, Loseth told the Lewiston Tribune.
The results of the simple-majority vote, open to all of the credit union’s 87,307 members, are expected to be released in 10 days.
The conversion to a state charter already has the backing of the Idaho Department of Finance and could be complete in 90 days if it gets the green light from members and NCUA, the Tribune reported, adding Potlatch No. 1 FCU has been laying the groundwork to expand its geographic reach for more than a year.
In August of 2017, P1FCU obtained approval for a region that spanned 32 counties in Idaho, Washington, Oregon and Montana. But the addition of new counties was halted by litigation in a federal court in the District of Columbia, which doesn’t allow that type and size of territory for federal credit unions, Loseth told the Tribune.
P1FCU currently operates in Asotin and Whitman counties in Washington and 11 Idaho counties. Valley County is at the southern end of the credit union’s Idaho territory, which extends north to the Canadian border and includes all of north central Idaho, the Tribune reported.