SPOKANE, Wash.--STCU here has agreed to acquire four branches from Banner Bank, the CU reported.
The branches are located in Chewelah, Colville and Kettle Falls, Wash., and in Hayden, Idaho.
Along with the properties, STCU said it intends to acquire certain deposit accounts for current Banner clients, who would become STCU members.
The two Washington-based financial institutions have filed applications for approval with all applicable regulatory agencies: The Federal Deposit Insurance Corporation; the National Credit Union Administration; the Washington Department of Financial Institutions; and the Idaho Department of Finance.
“Once approval is granted, we will make this conversion as seamless as possible for Banner Bank clients,” said Ezra Eckhardt, STCU president and CEO.
Eckhardt noted that STCU currently has over 3,000 existing members in Stevens County, where the three Washington branches are located. The Hayden branch would enhance STCU’s service to residents of rapidly growing Kootenai County, where STCU currently has five existing branch locations.
“While members increasingly turn to digital tools like the STCU mobile app for everyday transactions, a face-to-face visit remains foundational to the STCU experience,” Eckhardt noted.
If the agreement with Banner is approved, STCU would grow to 40 branch locations in Eastern Washington, Tri-Cities, the Columbia Basin and North Idaho. STCU said intends to maintain all current Banner employees at the new locations. The deal is expected to close June 24.