STCU and CDFCU seek merger approval
PEORIA, IL (January 28, 2021) —
Two Washington credit unions have agreed to merge, subject to approval by state and federal regulatory agencies.
If approved, the merger of Spokane-based STCU and Coulee Dam-based CDFCU would be completed later this year. Their two member-elected boards voted unanimously to pursue the merger plan, which maintains current staffing.
“This is an exciting time for our credit union and members,” said Colleen Manley, CEO of CDFCU. “STCU provides a full suite of products and services that will be available to our members.”
She added, “Most importantly, our membership will continue to see familiar faces when they visit their favorite branch. In the communities we serve, CDFCU employees are their neighbors and friends.”
CDFCU originally served U.S. Bureau of Reclamation employees at Grand Coulee Dam. Some of its 14,000 members can trace their membership to the credit union’s founding in 1941. Today, it has five branches, in Coulee Dam, Brewster, Republic, Creston and Omak, Wash.
STCU started in 1934 to serve schoolteachers during the Great Depression. The Spokane-based credit union has more than 210,000 members and 29 locations in Eastern Washington, Tri-Cities, the Columbia Basin, and North Idaho.
Both credit unions are financially sound. Yet, it is increasingly difficult for small and medium-sized credit unions like CDFCU to provide the technology and financial products needed to ensure continued success.
As one of the nation’s top-100 credit unions, STCU has the resources to meet those challenges. At the same time, the merger would provide a convenient branch experience for nearly 3,000 existing STCU members who live in Okanogan, Douglas, Ferry and Lincoln counties.
Both credit unions are deeply involved in their communities, including serving leadership positions in chambers of commerce and other community organizations, support for a host of non-profits, and promoting employee volunteerism.
“As we talked with the team at CDFCU, it became apparent that our credit unions are a natural match for a friendly, beneficial merger,” said Ezra Eckhardt, STCU president and CEO. “We’re excited to bring these teams together for the good of credit union members and the communities we serve.”
The merger is subject to approval by the National Credit Union Administration and the Washington State Department of Financial Institutions. STCU and CDFCU hope to complete the merger in late summer or fall.
A full-service financial institution, CDFCU offers personal and business accounts, home loans, vehicle loans, credit cards, and more. Member services include online and mobile banking and surcharge-free ATMs. Its current assets total $180 million.
With $4.1 billion in total assets, STCU offers an array of savings and lending products, home loans, rewards and conventional credit cards, and more. Members enjoy 24-hour access to their accounts through online banking, the STCU Mobile App, and nearly 30,000 surcharge-free ATMs nationwide.