Spokane Teachers Credit Union is seeking regulatory approval to acquire four Umpqua Bank branches in Medical Lake, Ritzville, Coulee City and Othello.
The acquisition, if approved, would bring the first STCU branches to Adams and Grant counties, and expand the credit union’s presence on the West Plains.
Umpqua Bank employees would be offered positions at the credit union, according to a news release.
The potential acquisition is part of Umpqua’s commitment to continue providing physical branches in smaller communities.
“Customer preferences continue to change how we deliver banking services. What remains the same is our strong commitment to supporting local communities and partnering with others to ensure the financial needs of customers are covered,” Brian Read, Umpqua’s executive vice president and head of retail banking, said in a statement. “We’re really pleased that STCU has agreed to purchase these four locations and will continue serving customers locally.”
STCU offers a variety of financial products and services that include checking, savings, home loans and credit cards. The credit union also provides commercial real estate and business loans and credit cards to businesses and public agencies.
The four Umpqua Bank branches were formerly part of Sterling Bank. In 2014, Umpqua acquired Sterling Bank. STCU president and CEO Ezra Eckhardt was the former president of Sterling Bank, and became chief operating officer of Sterling after the merger. He assumed the role of president and CEO of STCU in 2018.
“Knowing these two organizations as I do, I am confident that the well-being of Umpqua customers and STCU members will be foremost on the minds of everyone involved in this project, along with the good of these four communities,” Eckhardt said in a statement. “We can’t wait to show our new members everything that makes STCU a great financial partner.”
STCU, founded in 1934, has 24 branch locations in the Spokane area, North Idaho, and the Tri-Cities. The credit union holds more than $3.7 billion in assets and has more than 207,000 members.
The acquisition is subject to approval by the FDIC, the National Credit Union Administration and the Washington State Department of Financial Institutions.
STCU and Umpqua Bank aim to complete the acquisition later this year, or in early 2021.
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