Editor's Note: This story has been udpated since it was originally reported to clarify STCU is not purchasing the bank's physical branch.
LIBERTY LAKE, Wash.—The $2.9-billion Spokane Teachers Credit Union is acquiring the customers of the Bonner County, Idaho, branch of Banner Bank, headquartered in Walla Walla, Wash. The acquisition of the customers comes at the same time STCU is opening a new, larger branch in the market to replace a branch it originally opened in 2009.
According to the most recent summary of deposit data, Banner Bank had one branch in Bonner County at Sandpoint with $20.14 million in deposits. The deal is pending regulatory approval and is expected to close in August, according to a statement from the credit union.
All employees of the Banner Bank branch in Sandpoint will be offered employment with STCU, the CU stated. The terms of the deal were not disclosed.
"Once approval is granted, we will make this conversion as seamless as possible for Banner Bank clients," said Ezra Eckhardt, STCU president and CEO. "The timing couldn't be better, with the opening of our new Bonner branch location. It's an exciting time for us in North Idaho, and we can't wait to show our new members everything that makes STCU a great financial partner."
Since opening the Bonner County Branch in 2009, STCU said in a statement it has immersed itself in the community, playing a key role in the annual Bulldog Finance Fair that helps high-school seniors learn to better manage their money, and offering free financial workshops for adults. Like Banner Bank, STCU said it provides its employees 16 hours of paid time off to serve non-profit organizations and schools.
This is not the first bank deal by STCU. In 2003, the credit union acquired a branch and customers of Wheatland Bank.