STCU seeking regulatory approval to acquire four Banner Bank branches

STCU is seeking regulatory approval to acquire four Banner Bank branches in Eastern Washington and North Idaho.

The Spokane-based credit union announced Thursday the move would affect Banner Bank branches in Chewelah, Colville, Kettle Falls in Stevens County and a location in Hayden.

The acquisition, if approved, would bring the total number of STCU branches in the region to 40.

Banner Bank customers at the four branches would become STCU members upon approval of the acquisition, which is expected to close June 24, STCU said in a news release.

“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.

STCU has more than 3,000 members in Stevens County. A branch in Hayden would grow the credit union’s footprint in Kootenai County, where it currently has five locations.

Banner Bank employees will be offered positions with STCU, according to the news release.

STCU, founded in 1934, has 246,000 members and holds more than $4.6 billion in assets.

Banner Bank, based in Walla Walla, holds more than $16 billion in assets and has more than 150 locations across Washington, Oregon, California and Idaho, according to the financial institution’s website. It has five branches and two home loan centers in Spokane.

The acquisition is subject to approval by the Federal Deposit Insurance Corp., the National Credit Union Administration, the Washington State Department of Financial Institutions and the Idaho Department of Finance.