Spokane Valley-based Horizon Credit Union is acquiring Icon Credit Union of Boise in a deal that will further expand the local financial institution’s reach into the Idaho market.
The merger of the two credit unions would combine assets of more than $1.5 billion across 28 branches in Washington, Idaho, Oregon and Montana, according to a news release.
The merger is expected to be complete in the third quarter, pending regulatory and credit union members’ approval. Financial terms of the deal were not disclosed.
Jeff Adams, Horizon Credit Union president and CEO, will become president and CEO of the combined organization. Connie Miller, Icon Credit Union’s president and CEO, will assume the role of regional president once the deal is final.
Two members of Icon’s board of directors will transition to Horizon’s board, and employees of both credit unions would retain their jobs, according to the news release.
Horizon and Icon branches will remain open during the pending merger.
Icon is conducting focus groups with its members next month to gather input on whether the credit union’s branches would assume the Horizon name, Brian Grytdal, Horizon Credit Union’s vice president of marketing, said Friday.
Horizon absorbed United Health Services Credit Union in 2015 in a deal that bolstered its assets to $800 million. Amicus Credit Union, formerly Spokane Catholic Credit Union, merged with Horizon in 2016. It acquired Missoula-based Montana First Credit Union in 2012.
Horizon, founded in 1947, has 19 branches in Washington, Montana and Idaho. The credit union reached $1 billion in assets in 2018.
Icon has seven branches in Idaho and Oregon with more than 23,000 members and $260 million in assets.
“This collaboration gives us the best of both worlds,” Miller, Icon’s chief executive, said in a statement. “We have the opportunity to gain the competitive advantage and digital capabilities of a larger organization while maintaining the personal service of a local credit union.”
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