The $4.9 billion STCU in Liberty Lake, Wash., said its proposed purchase of four branches from the $16.7 billion Banner Bank in Walla Walla is expected to close in June.
The financial institutions said they filed applications with state and federal regulators last month to review and approve the proposed transaction, according to a prepared statement.
Financial terms of the deal were not disclosed.
The branch locations are Chewelah, Colville and Kettle Falls, Wash., and Hayden, Idaho.Along with the properties, STCU said it intends to acquire certain deposit accounts for current Banner Bank customers who would become STCU members, the credit union said.
The three Banner Bank Washington branches manage nearly $172 million in total deposits, and the Idaho branch has $53.5 million in deposits, according to the FDIC.
STCU President/CEO Ezra Eckhardt noted STCU serves more than 3,000 members in Stevens County, where the three bank branches are located. The Hayden branch is expected to enhance STCU’s service to residents of rapidly growing Kootenai County, where STCU operates five branches, Eckhardt said. STCU said it intends to retain Banner Bank employees.
“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 said.
If the Banner branch purchase agreement is approved, STCU would grow to 40 branches in Eastern Washington, Tri-Cities, the Columbia Basin and North Idaho, according to STCU.
Since 2003, the credit union has purchased six bank branches. In 2020, the credit union acquired four branches from Umpqua Bank, one branch in 2019 from Banner Bank and one branch from Wheatland Bank in 2003.