Spokane Academics Credit score Union has reached an settlement with Portland, Ore.-based Umpqua Bank to amass 4 of the bank’s areas.
STCU ($3.6 billion in property, greater than 205,000 members) made the joint announcement with Umpqua Bank on Thursday. If authorized, it could develop the Liberty Lake, Wash.-based credit score union into two new counties, whereas rising its footprint in its current discipline of membership.
“While STCU members increasingly are accessing their accounts through online banking and our mobile app, a visit to an STCU branch location remains foundational to the STCU experience,” stated Ezra Eckhardt, STCU president and CEO.
In accordance with the assertion, this deal would assist STCU members in rural communities have simpler entry to the credit score union, “while welcoming more than 5,000 Umpqua customers into the STCU family.”
“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,” stated Brian Learn, Umpqua’s government vice chairman and head of retail banking. “We’re really pleased that STCU has agreed to purchase these four locations and will continue serving customers locally.”
In accordance with the joint assertion, if the acquisition is authorized by the FDIC, NCUA and the Washington State Division of Monetary Establishments, they hope to have the acquisition finalized by the top of the 12 months or early 2021.
“We will make this conversion as seamless as possible for Umpqua Bank customers,” Eckhart stated. “Once approval is granted, they will receive all the information they need for a successful transition to the credit union.”
Umpqua workers will likely be provided positions at STCU, in keeping with the assertion.