Spokane Teachers Credit Union is acquiring customer accounts from a Sandpoint branch of Banner Bank, pending state and federal approval.
“Once approval is granted, we will make this conversion as seamless as possible for Banner Bank clients,” Ezra Eckhardt, STCU president and CEO, said in a statement. “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.”
STCU declined to disclose the financial terms of the proposed acquisition.
STCU is building its new branch at U.S. Highway 95 and Kootenai Cutoff Road in Sandpoint, which should be open before the acquisition is complete in August.
STCU is honoring rates and terms on existing loans as well as waiving membership fees for Banner Bank customers affected by the proposed acquisition.
Employees at Banner Bank’s Sandpoint branch will be offered employment at STCU.
Banner Bank plans to vacate its branch building at 605 N. Fifth Ave. and is actively working with a local real estate company to market the site to another tenant, according to the credit union’s website.
“A number of factors were considered in the decision-making process, among them were conveniences for clients and overall brand presence in the greater Bonner County area,” Banner Bank said on its website.
Walla Walla-based Banner has more than 200 branches in Washington, Oregon, California and Idaho, including 10 in Spokane.
STCU, founded in 1934, has more than 23 branches in Eastern Washington with five in Idaho. A sixth branch is expected to open in Rathdrum later this year.
Subscribe to the Morning Review newsletter
Get the day’s top headlines delivered to your inbox every morning by subscribing to our newsletter.