STCU and Banner Bank agree to four-branch transfer
SPOKANE, WA (February 24, 2022) — In an agreement subject to regulatory approval, STCU proposes acquiring four branch locations from Banner Bank, with an expected transaction date of June 24.
The branch locations are Chewelah, Colville and Kettle Falls, Wash., and Hayden, Idaho. Along with the properties, STCU intends to acquire certain deposit accounts for current Banner clients, who would become STCU members.
On Wednesday, the two Washington-based financial institutions 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 intends to maintain all current Banner employees at the new locations.
Founded by educators in 1934, STCU has more than 270,000 members and $5.6 billion in assets. Members have 24/7 access to accounts through digital tools, and at branch locations throughout Eastern Washington and North Idaho. Its 39th branch location opens in Moses Lake in 2024.