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STCU opening new Spokane Valley branch; completing merger

This photo, provided by STCU, shows a 22-foot mural that was painted by Spokane Valley artist Melissa Cole. The mural is part of STCU's new Argonne Branch, which opens Wednesday at 9209 E. Mission Ave. (Courtesy photo)
By Thomas Clouse tomc@spokesman.com(509) 459-5495
This photo, provided by STCU, shows a 22-foot mural that was painted by Spokane Valley artist Melissa Cole. The mural is part of STCU's new Argonne Branch, which opens Wednesday at 9209 E. Mission Ave. (Courtesy photo)

Spokane Teachers Credit Union announced Monday it will be opening its third Spokane Valley branch and completing a merger early next month with Coulee Dam Federal Credit Union.

STCU said in a news release it will open on Wednesday the 3,157-square-foot Argonne Branch, 9209 E. Mission Ave., which is at the northeast corner of Mullan Road and Mission.

“Spokane Valley continues to grow, along with traffic at our Spokane Valley and South Valley branch locations,” STCU President and CEO Ezra Eckhardt said in the release. “While use of online banking and our mobile app has sharply increased during the pandemic, our members of all ages continue to value in-person service from an STCU representative.”

The credit union purchased the 2.5-acre Argonne site in 2012. It previously opened the Argonne Home Loan Center on a portion of the land in 2018. The new branch includes five drive-thru lanes for teller and ATM access.

The CDFCU merger, which has been in various stages for a year, is expected to be completed by Oct. 1, STCU spokesman Dan Hansen said.

The deal will transfer about 14,400 CDFCU members into the STCU fold. Starting early in September, communities served by CDFCU will begin to see STCU messaging on billboards and local media.

Work already has begun to merge the two staffs and transfer technical data, which should be completed by Oct. 1. Branches will reopen Oct. 4 under the STCU banner.

“Preparing for the merger has been a major project involving thousands of details,” said Colleen Manley, CEO of CDFCU. “The two teams have worked well together, and share a common goal of making the transition as seamless as possible for our members.”

Under terms of the merger, STCU will retain CDFCU staff. The deal previously was approved by state and federal regulators and with unanimous votes of the boards of both credit unions, Hansen said.

The merger also was approved by a majority of CDFCU members, who will lose access to their accounts on Sept. 30.

They then will be directed to activate their new STCU debit cards and begin using them Oct. 1, according to the release.

“This is a natural match for a friendly, beneficial merger,” Eckhardt said. “While the name will be different, the care and dedication that has earned the trust of CDFCU members will remain unchanged.”